Following on from our article on the possible sale of Silverjet (10th April 2008 - Silverjet in takeover talks & How to earn from the Credit Crunch) directors of Silverjet have held talks with Lufthansa and Gibraltar’s Bland Group in their search for a buyer. Senior aviation-industry sources say cash constraints have forced the company to put its expansion plans on hold, with two new aircraft that were due to arrive this summer having been delayed.
The company’s share price finished the week at 21p, valuing the airline at £13.5 million. It floated on AIM in May 2006 at 112p, reaching a high of 209p in May last year.
Lufthansa, the German airline has looked at investment in Silverjet as a possible riposte to British Airways’ plans to operate services from continental cities this summer for the first time. Directors have also attempted to drum up interest from Middle Eastern investors, and from the Bland Group, a family-owned Gibraltar investment company.
The talks are thought to be only at an exploratory stage. (source: Timesonline) - Silverjet gets new lifeline
Philips, Europe’s biggest consumer electronics manufacturer, suffered a 28% drop in its core profits as its key TV business was hit by deepening losses.
The group warned that it would feel more impact from the global credit crunch with a softening in “mature economies”. Phillips posted a drop in first quarter profits to €265 million (£219 million) follows last week’s sharp profits drop at Philips’ US rival General Electric.
Operating losses in the television division deepened to €95 million compared with €51 million for the same period last year. Philips recently said it would stop making televisions for the North American market following continued losses.
Philips' sharp drop in core profits comes against a backdrop of a 75% fall in overall profits after the electronics group pulled out of much of its electronic chip interests last year. The company is trying to refocus on areas, which offer more stable earnings.
Shares in Philips fell 2.5% to €23.3million (£19.4 million) in early trading. (source: Timesonline)
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