The decline in pretax profit was attributed to increased administrative expenses and lower profit contribution from joint venture companies. Under the business improvement plan, Bovis Homes intends to review its production processes, phasing of completions and customer services. For the year ended Dec. 31, 2016, the British house building company recorded pretax profit of 154.7 million pounds ($191.96 million), compared with GBP160.1 million pretax profit in the year ago period, on a revenue of GBP1.05 billion and GBP946.5 million, respectively. LONDON--Bovis Homes Group PLC (BVS.LN) Monday reported a 3% fall in 2016 pretax profit, and said that it will undertake a business improvement program in 2017, which may included sale of certain assets. The company anticipates the business improvement program to impact its earnings and completion volumes for 2017.
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"We have considered it appropriate to write off the remaining goodwill in the European private banking business," it said, adding the restructuring of global private banking is now largely complete. The private banking impairment charges mainly relate to its acquisition of Safra Republic Holdings in 1999, it said, without giving details. The $1 billion share buy-back takes HSBC's announced buy-backs since the second half of 2016 to $3.5 billion following the bank's disposal of its Brazil unit in July last year in a $5.2 billion deal. Europe's biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year. REUTERS/Arnd Wiegmann/File PhotoHONG KONG HSBC Holdings (HSBA.L) reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back.
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as declared in
"We have considered it appropriate to write off the remaining goodwill in the European private banking business," it said, adding the restructuring of global private banking is now largely complete. The private banking impairment charges mainly relate to its acquisition of Safra Republic Holdings in 1999, it said, without giving details. The $1 billion share buy-back takes HSBC's announced buy-backs since the second half of 2016 to $3.5 billion following the bank's disposal of its Brazil unit in July last year in a $5.2 billion deal. Europe's biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year. REUTERS/Arnd Wiegmann/File PhotoHONG KONG HSBC Holdings (HSBA.L) reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back.
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