Latest news with #CLP
Hans India
3 days ago
- Politics
- Hans India
We all have to bow to high command's decisions
Bengaluru: Reactingto Minister for Cooperation K.N. Rajanna's resignation, Karnataka Deputy Chief Minister D.K. Shivakumar said on Monday that all the leaders and workers bow to the high command's decisions. 'Rajanna is my close friend. We have pursued politics together for 25 years. I am also pained. Nothing can be done; it is a party decision. You all know the context in which this decision has been taken. We all have to bow to the decision of the party high command,' said Shivakumar. He said that he was informed about the decision by the Chief Minister. 'Ministers and MLAs do not come under my jurisdiction. In the case of MLAs, we can issue notices and take minor actions, but the Congress Legislature Party (CLP) leader controls the legislators,' he claimed. Meanwhile, sources said that Monday's development has strengthened Deputy Chief Minister Shivakumar's position within the Congress party over Chief Minister Siddaramaiah. Rajanna, a close associate of Siddaramaiah, had openly supported Siddaramaiah while targeting Shivakumar. Rajanna, who was the State Cooperation Minister, was asked to submit his resignation after his remark against the LoP Rahul Gandhi's press conference on the voter fraud. 'If there was voter fraud, the state Congress should have pointed it out much earlier,' he had said. Meanwhile, taking to social media X, BJP State President and MLA B.Y. Vijayendra said that Rajanna, a senior ST leader and Cooperation Minister, was removed from the cabinet for merely speaking the truth - an honest admission which every Kannadiga knows. 'Yet in the Congress party, truth is treated as a threat, especially when it comes from a leader of a marginalised community whose voice they have long tried to silence.' 'This is the true face of Congress, anti-Dalit, anti-ST, anti-democratic and anti-truth. It also exposes the hollowness of Siddaramaiah's claims of championing the AHINDA cause. When leaders from these communities are targeted, he does not defend them. Instead, he bows to the diktats of the Delhi High Command to safeguard his own position as Chief Minister,' said Vijayendra.
Business Wire
7 days ago
- Business
- Business Wire
Chile, Argentina, Peru and the United States drive Cencosud's revenue growth by 5.3% in the second quarter
SANTIAGO, Chile--(BUSINESS WIRE)--Cencosud S.A. today reported its results for the second quarter of 2025, with revenues of CLP $4,171,343 million (USD 4,405 million), representing growth of 5.3% compared to the same period last year. Excluding the impact of hyperinflation in Argentina, revenues increased 7.2%. This performance was driven by revenue growth across all business units in Chile and Argentina, along with an acceleration in Colombia, which posted its largest sales increase since 2022. In the United States, revenues grew to historic levels (+9.0% in dollars, local currency) due to the opening of three new stores. A key milestone for the period was the performance of private label products, which achieved a record penetration of 18%, the result of the ongoing development of new products and a value proposition focused on quality, with Cuisine & Co. standing out. Additionally, online sales grew 7.8%. During the period, the Company advanced its organic growth plan, opening five new stores in the region, including three stores in the United States, one GIGA store in Brazil, and a new Jumbo store in Colombia. 'This quarter we highlight significant progress in our businesses and strategic priorities across all the countries where we operate. We continue to move forward with determination in our strategy and in strengthening our multi-format retail ecosystem', said Cencosud's Chief Executive Officer, Rodrigo Larraín. Reported Net Income for the quarter reached CLP $103,047 million (USD 109 million), while Distributable Net Income was CLP $69,750 million (USD 73.7 million), reflecting a year-over-year increase of 10.1%. Meanwhile, consolidated Adjusted EBITDA fell 5.5% year-over-year, mainly due to the accounting impact of hyperinflation adjustments in Argentina. Excluding this effect, Adjusted EBITDA showed real year-over-year growth of 1.3%, reflecting the resilience of the business. In line with this commitment, Cencosud received recognition as Chile's No. 1 Citizen Brand, according to Cadem, a milestone that reinforces Cencosud's conviction to continue enhancing its customer experience and actively contributing to the development of the communities where it operates. Highlights by Country Argentina: All business units posted real sales increases above inflation in local currency. Notably, supermarket revenues grew 36.4% above inflation, even when excluding the recent acquisition of the Makro wholesale chain. Brazil: Adjusted EBITDA margin expanded by 40 basis points to 5.3%, partly driven by the gain from the sale of assets in Minas Gerais. Chile: Achieved its seventh consecutive quarter with a double-digit Adjusted EBITDA margin of 11.6%, thanks to the solid performance of Paris department stores and shopping centers, efficiency initiatives, e-commerce profitability improvements, and the expansion of the retail media business. Colombia: Continued to show significant improvements in results. The divestment of the service station business in Colombia was completed, and the Adjusted EBITDA margin improved by 357 bps year-over-year, reaching 2.1%, driven by greater profitability in supermarkets, home improvement, and financial services. Peru: Posted the highest second-quarter Adjusted EBITDA margin in its history, reaching 11.8%. Online sales increased 35.5% compared to the same period last year. United States: Revenues grew to historic levels, with a 9.0% increase in local currency, driven by the opening of three new stores and a 24.8% growth in online sales. About Cencosud Cencosud, whose purpose is to ' serve extraordinarily at every moment ', is one of the largest and most prestigious retailers in the Americas. It operates in six countries, with more than 120,000 employees, 1,510 stores, and over 3.6 million m² of sales area. Its multi-format strategy covers Supermarkets, Home Improvement Stores, Department Stores, Shopping Centers, and Financial Services. In addition, it promotes innovative business lines such as Cencosud Media and private label brands, integrating technology to enhance the customer experience.
Bloomberg
05-08-2025
- Business
- Bloomberg
CLP CEO on 1H Results, Business Strategy
The Asia Trade T.K. Chiang, CEO at CLP, discusses the company's business strategy and debriefs their results for the first half of the year. He speaks with Haidi Stroud-Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)
RTHK
04-08-2025
- Business
- RTHK
HK remains powerhouse for CLP in first half
HK remains powerhouse for CLP in first half CLP chief executive Chiang Tung-keung says the group's overall performance has been affected by challenges outside Hong Kong. Photo courtesy of CLP Power giant CLP has recorded a 7.3 percent increase in its Hong Kong energy business in the first half of this year. According to the power supplier, earnings for its Hong Kong energy business reached nearly HK$4.47 billion, compared with HK$4.16 billion recorded in the same period of last year. However, the company saw an 8 percent drop, before fair value movement, in its total operating earnings, which stood at HK$5.22 billion. Chief executive Chiang Tung-keung said the company's overall performance was affected by challenges in the mainland and Australian markets. The group's mainland business dropped by nearly 12 percent to HK$870 million due to lower nuclear and renewable energy earnings. In Australia, the group saw an almost 73 percent plunge in business due to a competitive retail landscape that lowered revenue at its subsidiary EnergyAustralia. 'Because of the intense competition, the margin has been squeezed,' Chiang said. CLP, he added, is taking a number of steps to improve the situation and increase competitiveness in the retail business. 'The new default price has been published, which we see there is an increase," Chiang said. "Together, we are going to recontract with some of our customers, so we do see our margin going forward will improve. 'Secondly, we are also embarking on a cost optimisation exercise so as to further optimise our cost to improve our performance.' Chiang said the company's board has declared a second interim dividend of HK$0.63 per share, unchanged from 2024.
RTHK
04-08-2025
- Business
- RTHK
HK remains powerhouse for CLP in first half
HK remains powerhouse for CLP in first half CLP chief executive Chiang Tung-keung says the group's overall performance has been affected by challenges outside Hong Kong. Photo courtesy of CLP Power giant CLP has recorded a 7.3 percent increase in its Hong Kong energy business in the first half of this year. According to the power supplier, earnings for its Hong Kong energy business reached nearly HK$4.47 billion, compared with HK$4.16 billion recorded in the same period of last year. However, the company saw an 8 percent drop, before fair value movement, in its total operating earnings, which stood at HK$5.22 billion. Chief executive Chiang Tung-keung said the company's overall performance was affected by challenges in the mainland and Australian markets. The group's mainland business dropped by nearly 12 percent to HK$870 million due to lower nuclear and renewable energy earnings. In Australia, the group saw an almost 73 percent plunge in business due to a competitive retail landscape that lowered revenue at its subsidiary EnergyAustralia. 'Because of the intense competition, the margin has been squeezed,' Chiang said. CLP, he added, is taking a number of steps to improve the situation and increase competitiveness in the retail business. 'The new default price has been published, which we see there is an increase," Chiang said. "Together, we are going to recontract with some of our customers, so we do see our margin going forward will improve. 'Secondly, we are also embarking on a cost optimisation exercise so as to further optimise our cost to improve our performance.' Chiang said the company's board has declared a second interim dividend of HK$0.63 per share, unchanged from 2024.
