profit

Scale of the discount offered by Woodford fund revealed after American buyer turns a quick profit

The American investment fund that scooped up healthcare stocks from the Woodford Equity Income fund earlier this month has turned a quick profit, highlighting the scale of how cheaply the investments were sold and the problems facing Neil Woodford’s investors.

Acacia Research Corporation snapped up £224m worth of biotechnology stocks from the fund in early June as administrator’s Link try to wind up the portfolio. The sale meant investors suffered a 20pc haircut on their remaining savings.

However, the scale of the discount at which Link sold the healthcare holdings has been made clear after Acaia turned some of the

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Alibaba reports first profit drop since 2016 due to coronavirus

HONG KONG — With the coronavirus pandemic weighing down on its operations and investments, Alibaba Group Holding has reported its first quarterly profit decline since 2016.

Revenue in what Chief Financial Officer Maggie Wu called “a challenging quarter” rose 22.3% in the quarter to March 31 to 114.31 billion yuan ($16.08 billion) from a year earlier. That was slightly above the market consensus of 107 billion yuan, as surveyed by Refinitiv, but represented the slowest growth in at least four years.

The company reported net income of 348 million yuan during the same period, a decline of 98.5%. Operating income

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Japan’s megabanks expect double-digit profit declines

TOKYO — Japan’s megabanks expect double-digit profit declines for the current fiscal year, after reporting increased asset writedowns and loan loss provisions for the 12 months through March.

Sumitomo Mitsui Financial Group, the nation’s second largest banking group, expects a 43% drop in net profit to 400 billion yen ($3.7 billion) for the year ending March 2021, after reporting a 3% drop in net profit for the prior year, as credit costs are expected to almost triple to 450 billion yen.

SMFG has major exposure to the coronavirus-hit airline industry; it is the world’s fifth largest aircraft leasing company. The

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Japan’s megabanks see double-digit profit falls

TOKYO — Japan’s megabanks expect a double-digit profit decline for the current fiscal year, after reporting a jump in asset writedowns and loan loss provisions for the 12 months through March.

Mitsubishi UFJ Financial Group, the nation’s largest banking group, reported a 40% drop in net profit to 528 billion yen for the past fiscal year. The bank’s bottom line was hit by 360 billion yen in writedowns on the value of its affiliates in Southeast Asia — Bank of Ayudhya in Thailand, Bank Danamon in Indonesia and Security Bank in the Philippines — amid a Sino-U.S. trade war and

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