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Tag: profit

  • Profit First Doesn’t Mean Margin Last. Here’s How to Build a Margin-First Mindset

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    Every business owner says they want to grow revenue, but what they really want is to grow profit. The two are not the same. Chasing top-line revenue without protecting your margins is like filling a leaky bucket. You can work harder, add more customers, and still watch your bank account stay the same. Real growth happens when you focus on profit, not just sales. 

    A margin-first mindset means putting profitability at the center of every decision instead of treating it as an afterthought. When you make that shift, you create a company that can scale sustainably instead of spinning its wheels in endless activity. 

    1. Start with clarity, not hope. 

    Stop guessing your margins. Know them. You cannot improve what you do not measure, and “gut feeling” is not a metric. Break down profitability by product, service, and channel. Identify which parts of your business make money and which ones quietly drain it. 

    When you see your real numbers, decisions become simple. You know which services deserve more investment and which customers or products are eating away at your profit. Too many owners rely on assumptions, thinking something is profitable because it has always sold well. The data often tells a different story. Once you know your true margins, you can act with precision instead of instinct. 

    2. Redefine growth. 

    Growth does not mean more customers. It means more profit from the “right customers.” 

    If a client takes double the time for half the return, they don’t fit the growth category. Instead, they are dragging you down. Every customer has an opportunity cost. Some stretch your resources, stress your staff, and erode your margins. 

    Look at your customer base and identify which clients or types of projects bring the best margins and align with your long-term strategy. Focus there. When you target profitable growth instead of volume growth, you scale smarter and faster. 

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    David Finkel

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  • Why Saying ‘No Returns’ Is Not Profitable, According to Rebel Founder Emily Hosie

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    Every entrepreneur faces waste, whether it is inventory, time, or money lost in the shuffle of doing business. Rebel founder and CEO Emily Hosie built North America’s largest returns re-commerce platform by asking how she could turn that waste into profit. This was one of the shocking things I have learned—saying “no returns” is not profitable.  

    Emily’s company partners with retailers to reprocess and resell returned and overstocked items that would otherwise become waste. To date, Rebel has kept more than 25 million pounds of goods out of landfills each year while creating a new source of revenue for its partners. Returns aren’t just a cost of doing business; they can become your next source of profit. 

    On a recent episode of The Big Idea from Yahoo Finance, I sat down with Hosie to explore how she turned one of retail’s biggest headaches into a sustainable and scalable business. Her experience offers practical lessons for any founder who wants to turn setbacks and inefficiencies into growth. 

    Spot the opportunity in waste 

    When Hosie began, she noticed retailers had no efficient way to handle returns. Investors understood excess inventory, but few realized the massive cost of returns. In 2024, U.S. retailers processed $890 billion worth of returned merchandise. Hosie said that figure is expected to reach $1 trillion by the end of 2026. 

    Hosie explained that at first, no company wanted to admit its returns were being thrown away. Her breakthrough came when a large retailer on the brink of bankruptcy finally acknowledged the problem and asked if Rebel could help process its discarded inventory. That moment, she said, proved the model could work at scale. 

    For small business owners, the lesson is to look for inefficiency hiding in plain sight. Know your return rate, audit your return policy, and explore creative ways to resell or repurpose unsold inventory. You might list returned products in your website’s clearance section or move them through a warehouse sale. Waste is rarely just waste. It is often an overlooked resource waiting for someone to manage it better. 

    Educate and build trust 

    Creating a new category required educating three audiences: investors, retailers, and consumers. Investors needed to understand how returns differ from factory overstock. Retailers had to admit they needed a better solution. Consumers needed clarity on what “open box” means and why it offers value. Open-box items are products that were purchased and returned but never used. 

    Hosie built credibility by showing results and using early successes to bring others along. Once one partner trusted the platform, her team used that proof to win the next. When you are selling something new, proof of performance is your best marketing. Teaching your market what problem you solve and showing measurable results builds trust faster than any pitch. 

    Turn risk into resilience 

    Hosie launched Rebel in unusual conditions and kept moving. “It started in our basement,” she recalled. “We had transport trucks dropping pallets of returns on the sidewalk in downtown Toronto.”  

    The timing was far from ideal. Hosie was pregnant, and the pandemic lockdown had just started. “I think there’s never a right time,” she said. If an idea does not work, “then you’ll just go back and get another job.” 

    Her experience shows that flexibility matters more than timing. Founders who start before conditions are perfect learn faster, pivot sooner, and build resilience by necessity. 

    Build loyalty through returns 

    Hosie treated returns as a growth tool rather than a nuisance. “Over 50% of [customers] are discovering a brand for the first time,” she said, describing how open-box pricing introduces shoppers to labels they might not buy at full price.  

    She also found that shoppers who make a return often “buy triple the amount” during the visit. A strong return policy can be part of a healthy customer retention strategy. It keeps people engaged and builds goodwill long after the initial purchase. 

    Hosie’s story shows how rethinking waste can unlock new revenue, new customers, and a healthier business. The lesson is simple: Look where others see loss, educate the market with proof, make your move before conditions feel perfect, and use returns to build loyalty. 

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    Elizabeth Gore

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  • Sphere Follows Yellow Brick Road to Record Profits – Casino.org

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    Posted on: October 21, 2025, 03:59h. 

    Last updated on: October 21, 2025, 03:59h.

    According to Sphere Entertainment Co. (NYSE: SPHR), its reimagining of “The Wizard of Oz” is generating blockbuster returns, with over $130 million in receipts from 1 million tickets sold as of October 17, just seven weeks after its August 28 premiere.

    The Wicked Witch of the West seems to envision a sphere in her future. (Image: Rich Fury/Sphere Entertainment)

    The company had previously announced on September 15 that it had sold 500,000 tickets, earning $65 million, suggesting a consistent monthly revenue pace of $2 million per day.

    Shares of SPHR surged for two days on the good news. On Tuesday, the company’s stock climbed 5.5% to $66.54, following a 7.5% gain on Monday.  Year-to-date, SPHR is up 56.5%, significantly outperforming the S&P 500’s 14.5% rally.

    They’re Off to See the Wizard

    While its estimated $100 million production cost was a gamble, “The Wizard of Oz” has more than paid off. (Analysts at Wolfe Research project that the production could cross the $500 million revenue threshold sometime next year.)

    In fact, if current demand can be sustained, it could very well single-handedly turn the company’s financial fortunes around.

    Though Sphere Entertainment has not disclosed its total debt load in recent filings, pre-opening reports from Bloomberg and Reuters cited approximately $1.8 billion in debt, largely tied to the venue’s $2.3 billion construction and tech infrastructure costs. Operating costs were estimated at $20 million per quarter in 2024, though recent profitability suggests that the venue’s financial trajectory is improving.

    And there is every reason to believe that that demand for this production can be sustained, since it is only playing on one screen on Earth and there are hundreds of millions of “Wizard of Oz” fans who haven’t seen it yet.

    The 75-minute experience — trimmed by 20 minutes from the 1939 original to allow up to eight daily screenings — was rebuilt using advanced AI and CG technology to fit Sphere’s 160,000-square-foot wraparound LED screen, the largest of its kind.

    The production also includes immersive enhancements including wind, lighting effects, custom scents and haptic seat feedback.

    “The Wizard of Oz” at the Las Vegas Sphere plays multiple times per day. The cheapest seats ($129-$137) are weekday morning and afternoon showings, while evening seats go for between $170-$182. Tickets are available at the Sphere website.

     

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    Corey Levitan

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  • Microsoft and Meta profits are soaring but their stocks are sagging because both companies aren’t building data centers fast enough

    Microsoft and Meta profits are soaring but their stocks are sagging because both companies aren’t building data centers fast enough

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    NEW YORK (AP) — Wall Street is feeling the downside of high expectations on Thursday, as Microsoft and Meta Platforms drag U.S. stock indexes lower despite delivering strong profits for the summer.

    The S&P 500 was down 1.6% in midday trading and on track for its worst day in nearly eight weeks, falling further from its record set earlier this month. The Dow Jones Industrial Average was down 418 points, or 1%, as of 11:15 a.m. Eastern time. The Nasdaq composite was 2.4% lower and heading for a second straight loss after setting its latest all-time high.

    Microsoft reported bigger profit growth for the latest quarter than analysts expected. Its revenue also topped forecasts, but its stock nevertheless sank 6% as investors and analysts scrutinized for possible disappointments. Many centered on Microsoft’s estimate for upcoming growth in its Azure cloud-computing business, which fell short of some analysts’ expectations.

    The parent company of Facebook, meanwhile, likewise served up a better-than-expected profit report. As with Microsoft, though, that wasn’t enough for the stock to rise. Investors focused on Meta Platforms’ warning that it expects a “significant acceleration” in spending next year as it continues to pour money into developing artificial intelligence. It fell 3.6%.

    Both Microsoft and Meta Platforms have soared in recent years amid a frenzy around AI, and they’re entrenched among Wall Street’s most influential stocks. But such stellar performances have critics saying their stock prices have simply climbed too fast, leaving them too expensive. It’s difficult to meet everyone’s expectations when they’re so high, and Microsoft and Meta were both among Thursday’s heaviest weights on the S&P 500.

    The next two companies in the highly influential group of stocks known as the “Magnificent Seven” to deliver their latest results will be Apple and Amazon. They’re set to report after trading ends for the day, and both fell at least 1.3% on Thursday.

    Earlier this month, Tesla and Alphabet kicked off the Magnificent Seven’s reports with results that investors found impressive enough to reward with higher stock prices. The lone remaining member, Nvidia, will report its results later this earnings season, and its 4.3% drop was Thursday’s heaviest weight on the market after Microsoft.

    The tumble for Big Tech on the last day of October is helping to wipe out the S&P 500’s gain for the month. The index is down 0.7% and on track for its first down month in the last six, even though it set an all-time high during the middle of it.

    Still, it wasn’t a complete washout on Wall Street thanks in part to cruise ships and cigarettes.

    Norwegian Cruise Line Holding steamed 8.2% higher after delivering stronger profit for the latest quarter than analysts expected. The cruise ship operator said it was seeing strong demand from customers across its brands and itineraries, and it raised its profit forecast for the full year of 2024.

    Altria Group rose 7.6% for another one of the S&P 500’s bigger gains after it also beat analysts’ profit expectations. Chief Executive Billy Gifford credited resilience for its Marlboro brand, among other things, and announced a cost-cutting program.

    Oil-and-gas companies also generally rose after the price of a barrel of U.S. crude gained 1.3% to recoup some of its losses for the week and for the year so far. ConocoPhillips jumped 4.9%, and Exxon Mobil gained 1%.

    In the bond market, Treasury yields continued their climb following a mixed set of reports on the U.S. economy.

    One report said a measure of inflation that the Federal Reserve likes to use slowed to 2.1% in September from 2.3%. That’s almost all the way back to the Fed’s 2% target, though underlying trends after ignoring food and energy costs were a touch hotter than economists expected.

    A separate report said growth in workers’ wages and benefits slowed during the summer. That could put less pressure on upcoming inflation. A third report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week. That’s an indication that the number of layoffs remains relatively low across the country.

    Treasury yields swiveled up and down several times following the reports before climbing. The yield on the 10-year Treasury rose to 4.31% from 4.30% late Wednesday. That’s up sharply from the roughly 3.60% level it was at in the middle of last month.

    Yields have been rallying following a string of stronger-than-expected reports on the U.S. economy. Such data bolster hopes that the economy can avoid a recession, particularly now that the Fed is cutting interest rates to support the job market instead of keeping them high to quash high inflation. But the surprising resilience is also forcing traders to downgrade their expectations for how deeply the Fed will ultimately cut rates.

    In stock markets abroad, indexes sank across much of Europe and Asia.

    South Korea’s Kospi dropped 1.5% for one of the larger losses after North Korea test launched a new intercontinental ballistic missile designed to be able to hit the U.S. mainland in a move that was likely meant to grab America’s attention ahead of Election Day.

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    Stan Choe, The Associated Press

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  • Manappuram Finance PAT up 35% to ₹564 crore in Q4 

    Manappuram Finance PAT up 35% to ₹564 crore in Q4 

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    Manappuram Finance Ltd has reported a consolidated profit after tax of ₹564 crore for the fourth quarter ended March 31, 2024, a growth of 35.7 per cent compared to ₹415 crore reported in the same quarter of the previous year. The full-year PAT stands at ₹2,198 crore, a 47 per cent increase.

    The company’s consolidated Assets under Management (AUM) grew by 18.7 per cent to ₹42,070 crore from ₹35,428 crore in the previous fiscal year. Operating income for the year reached ₹8,848 crore, up by 32 per cent from ₹6,697 crore in the previous fiscal.

    The Board of Directors approved an interim dividend of ₹1 per share of face value ₹2.

    V.P. Nandakumar, MD & CEO, Manappuram Finance Ltd, said, “Our performance in non-gold segments such as microfinance, commercial vehicles and home loans is exceptionally encouraging. In our core business of gold loans too, we’ve achieved commendable increase over the previous fiscal, and I have no doubt that we will not only maintain the rate of growth but also improve upon it in the coming year.”

    Gold loans AUM grew by 8.9 per cent to ₹21,500 crore over the previous year and increased by 3.6 per cent compared to the previous quarter. As of March 31, the number of live gold loan customers stood at 2.5 million.

    Asirvad Microfinance Ltd, the company’s microfinance subsidiary, reported an AUM of ₹11,881 crore, up by 18 per cent from the previous fiscal year. The Vehicle and Equipment Finance division closed the year with an AUM of ₹4,111 crore, showing a 69 per cent growth.

    Manappuram Home Finance Ltd achieved an AUM of ₹1,510 crore, a growth of 38 per cent over the previous fiscal year. Overall, non-gold businesses contributed 49 per cent to the company’s loan book.

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  • CVS cuts 2024 profit forecast as insurance unit faces soaring medical costs

    CVS cuts 2024 profit forecast as insurance unit faces soaring medical costs

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    (Reuters) -CVS Health Corp slashed its annual profit forecast and missed Wall Street estimates for first-quarter earnings on Wednesday, as elevated demand for non-urgent procedures increased medical costs at its health insurance business.

    The U.S. healthcare giant cut its per-share adjusted earnings forecast for 2024 to at least $7.00 from at least $8.30, adding it anticipates the surge in medical procedures at its unit that houses health insurer Aetna to persist.

    Shares of the company fell 9.7% to $61.15 in premarket trading. They have fallen about 14% so far this year, through Tuesday’s close.

    U.S. health insurers have had to contend with rising medical costs over the past few quarters following higher demand for procedures, especially among older adults, that were delayed during the pandemic.

    CVS said in February it was seeing a rise in hip and knee surgeries, medical services related to the eyes, dental work, as well as vaccinations including the RSV shot during the last three months of 2023.

    The company’s health care benefits segment, which houses the Aetna unit, recorded medical cost ratio – the percentage of premiums spent on healthcare – of 90.4% for the first quarter. That compared with 84.6% a year earlier, and above analysts’ average estimate of 88.43%, according to LSEG data.

    Aetna is also expected to face pressure after the government announced 2025 reimbursement rates to providers of Medicare Advantage health plans below expectations, raising worries about a squeeze on margins.

    Humana last week pulled its already trimmed 2025 profit forecast, citing the disappointing rates.

    CVS, which withdrew its 2025 adjusted earnings forecast of $10 per share in August, said in February it was targeting low double-digit percentage growth.

    On an adjusted basis, the company reported a profit of $1.31 per share for the three months ended March 31, below analysts’ average estimate of $1.69.

    (Reporting by Christy Santhosh and Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)

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  • New rooms, tours, activities: Queen Mary is royal again, Long Beach says. But at a whopping cost

    New rooms, tours, activities: Queen Mary is royal again, Long Beach says. But at a whopping cost

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    Repairs for the Queen Mary have cost the city of Long Beach more than $45 million over the last eight years, according to city records obtained by The Times, a hefty bill as the city looks to keep the historic ship on a fledgling path toward profitability.

    Repairs have included more than $3 million for rust and hull repairs, and $3.35 million for bulkhead repairs and removing lifeboats.

    More repairs — both essential and costly — to keep the 90-year-old ship operational are still expected, but city officials are optimistic the financial headwinds the ship has battled are easing. Last year, the Queen Mary generated more than $12.6 million in revenue, including more than $3 million in profits between June and October.

    For the end of fiscal year 2024 — the first year the ship has been fully operational since it was shut down during the COVID-19 pandemic — city officials expect the aging ocean liner to bring in a “modest profit” of $3.6 million.

    “From an operating perspective, the Queen Mary can now support operating expenses with regular operating revenue,” city officials said in a statement. “All revenue generated is being invested directly back to the ship and vicinity.”

    But the records from the city, first reported by the Long Beach Business Journal, have offered a glimpse into the significant costs that have come with the city’s effort to keep and preserve the iconic vessel.

    At one time, the Queen Mary was dubbed the world’s fastest and most luxurious cruise ship. Among its celebrity and royal guests were the Duke and Duchess of Windsor, Bob Hope and Elizabeth Taylor, who paid extra for her poodle. It also transported soldiers to the European front during World War II.

    After Long Beach bought the Queen Mary from the Cunard Line shipping company in 1967, various firms were brought in to manage the vessel and develop adjacent property.

    In 2021, the city took over the Queen Mary amid worries that it was not being maintained. City officials at the time were aware the ocean liner was in dire need of repairs.

    One study in 2017 estimated it could need up to $289 million in repairs and renovations, and court documents showed about $23 million in repairs were needed to keep the once majestic ship from capsizing.

    In addition to the needed repairs, city officials point out that between 2007 and 2019, before Long Beach took over, private operators had reported more than $31 million in losses.

    Since 2021, city officials said they’d completed at least 25 major projects on the ship.

    Most of the $45 million that has been spent on the ship, city officials said, has come from revenue from the Queen Mary or related subleases.

    In 2017, about $23 million came from a Queen Mary reserve fund and bond issue from the Queen Mary’s Carnival sublease.

    A $12-million agreement with the Port of Long Beach, which transferred control of about 14 acres of city property to the port to lease to third parties, and split revenue with the city, has also helped pay for some of the repairs.

    Since the Queen Mary reported seeing a profit last year, city officials have touted the ship and what they say has been an economic success.

    Since October, city officials say more than 118,000 people have visited the vessel, and the ship is once again becoming the center of the city’s plans.

    “The Queen Mary is thriving once again,” Steve Caloca, general manager for the contracted operator, Evolution Hospitality, said in a statement. “From new Art Deco floors and staircases in the Main Hall, to the restored Observation Bar overlooking our beautiful city of Long Beach, there is so much to do when visiting the Queen.”

    Hotel capacity on the ship has been expanded to 200 rooms, and onboard activities have expanded to 22 guest tours, exhibits and other activities.

    This year, city officials said, hotel room renovations, elevator upgrades, repair of the ship’s third smokestack and an expansion of the Sun Deck, which is used for special events such as weddings, are planned.

    The Queen Mary also is meant to play a crucial role in plans the city has for the nearby area.

    Officials are looking to develop 43 acres of space next to the ship into “a world-class entertainment and mixed-use development venue.”

    “The return of live music, special events and music festivals at the Queen Mary and adjacent Harry Bridges Memorial Park has further highlighted the importance of live music and entertainment to the future success of the ship,” city officials said in a statement. “This waterfront space, with expansive views of the Long Beach shoreline and downtown, collectively represents one of the city’s most unique future development opportunities.”

    And although the ship continues to need repairs, city officials said its condition might not be as dire as was once believed.

    The study that estimated up to $289 million in needed repairs included $215 million to $261 million for hull repairs, city officials said in a statement. A more recent hull and tank study suggested the cost could be “considerably less.”

    “We envision an even brighter future for the Queen Mary and adjacent land with plans for future development that will further elevate its status as a premier tourist destination,” Long Beach Mayor Rex Richardson said in a statement.

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    Salvador Hernandez

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  • Queen Mary, once a sinking white elephant, shows signs of remarkable revival

    Queen Mary, once a sinking white elephant, shows signs of remarkable revival

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    The Queen Mary has for years been a landmark for the city of Long Beach, an iconic ocean liner that acted as a majestic sentry at the port and a popular attraction for both tourists and locals.

    But the aging ship has in recent years become more of a white elephant in need of millions of dollars in repairs just to stay afloat.

    Years of mounting financial woes, a pandemic shutdown and much-needed repairs made for an uncertain future for the Queen Mary. Financial audits showed the ship was running a deficit, and at least one report warned that it was at risk of sinking if it didn’t get millions of dollars in repairs.

    But now, the 90-year-old ship seems to be headed for smoother sailing, with financial records showing it is finally turning a profit for the city of Long Beach.

    On the ocean liner that has been turned into a hotel and tourist attraction, rooms are being booked, visitors are touring the ship, and the Queen Mary’s operator said the number of visitors has been outpacing the figures from before the COVID pandemic, signaling a new, hopefully better, era for the famous ship docked in the Long Beach Harbor.

    But the recent financial turnaround will do little in the short term to address the hundreds of millions of dollars in repairs needed to keep the ship afloat and open to the public.

    The Queen Mary closed for more than three years because of the pandemic, and stayed closed due to much-needed repairs. But once the ship reopened in April — this time under the city’s direction instead of a leaseholder — visitors began to return in greater numbers. The ship has about 200 rooms and several large halls that can be booked for weddings and other gatherings.

    “Even though it’s been here since 1967, it was kind of a relaunch — a new Queen Mary if you will,” said Steve Caloca, managing director of the ship under the contracted operator, Evolution.

    It was a slow reopening, with just over a dozen rooms booked in the Queen Mary in all of April. But financial records obtained by The Times show the number of bookings quickly multiplied in the coming weeks.

    By July, more than 4,300 room nights were booked in the Queen Mary, and the ship’s operator has seen at least 3,730 bookings a month since.

    “We reopened after a three-and-a-half-year hiatus, which is nice, and we’re making money, which is nice,” Caloca said.

    The Queen Mary was still operating in a deficit during the first two months it reopened, according to financial information provided by the city. By June, however, the ship’s revenue began to outpace its expenses.

    According to city records, between June and October of last year, the ship generated more than $12.6 million in revenue and more than $3 million in profits.

    It’s not just rooms in the ship’s hotel that are bringing in visitors and their cash either, Caloca said.

    “We were getting the word out that there are things to do here,” he said. “It’s not just a beautiful ship.”

    The Queen Mary began to offer old and new tours of the 1,019.5-foot ship, and hosting events to draw in locals, like $10 entry fees on Tuesdays, he said.

    A game room and revamped observation bar are there for overnight and day guests, and the ship also rolled out the commodore’s office, where officers are available to answer guests’ questions about the ship.

    “We asked, what can guests do now that they’re staying at the Queen Mary, what kind of content can we provide?” Caloca said. “We’re able to create things for people to do here in Long Beach.”

    But the ship has also needed, and continues to need, repairs and maintenance, he said.

    Much of the work done on the ship has centered on keeping the ship safe for visitors, as well as regular upkeep like painting, new flooring and lighting, and replacing new boilers and electrical transformers on the ship.

    For the Queen Mary, which has been in dire need of repairs and work for years, turning a profit in 2023 is a significant turnabout in its recent history.

    Financial audits of the ship obtained by The Times shows that from 2007 to 2009, the Queen Mary continued to see losses of more than $31 million.

    A profit could mean the ship could get some much-needed TLC to keep it financially, and literally, afloat.

    “When we get excited about the money, it’s not that we made a profit,” Caloca said. “It’s that we made money, but now we can put it back on the ship that we love so much.”

    The city of Long Beach took over the Queen Mary in 2021, after worries that the aging ship was not being maintained. One 2017 study of the ship found that it needed up to $289 million in upgrades and renovations, including much-needed work to keep parts of it from flooding.

    Court documents and inspection reports also found that it needed $23 million to keep it from capsizing.

    Making the ship a profit center for the city has been a challenge for several lease operators — including the Walt Disney Co. — that have been hired to operate the ship over the last few decades.

    In 2005, Queen’s Seaport Development Inc. filed for Chapter 11 bankruptcy protection and was found by Long Beach to owe $3.4 million in back rent. In 2009, the hotel was also at about a 50% occupancy rate.

    Now, the profits coming in can also be geared toward new activities and entertainment to keep attracting guests into the Queen Mary, Caloca said.

    This summer, operators hope to reopen a movie theater at the ship, which can also double as a lecture hall and host other events, Caloca said. Another 100 rooms are expected to open by April.

    “It’s not just, ‘Let’s fix it so it doesn’t break,” Caloca said. “It’s also, ‘Let’s fix it and make it so people want to come.’”

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    Salvador Hernandez

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  • DIPAM invites bids to empanel Merchant Bankers, Legal Advisors for OFS of CPSE

    DIPAM invites bids to empanel Merchant Bankers, Legal Advisors for OFS of CPSE

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    Even as disinvestment proceeds for the current fiscal are unlikely to reach the budget estimate, the Finance Ministry has initiated a fresh effort to push minority stake sales in Central Public Sector Enterprises (CPSEs). It has invited bids to empanel merchant bankers cum selling brokers (MBSB) and legal advisors for stake sales.

    “The GOI intends to empanel MBSBs for a period of two years (further extendable by one year) to disinvest its shareholding through the Offer for Sale through Stock Exchange Mechanism/sale of Shares in stock market (Dribbling) as per Securities and Exchange Board of India (SEBI)/Stock Exchanges Rules and Regulations,” proposal floated by the Department of Investment and Public Asset Management (DIPAM) said. A similar statement has been used for empanelment of legal advisors.

    According to the Department of Public Enterprises (DPE), there are 389 CPSEs in India (as on March 31, 2022), out of which 248 are operating. 188 are profit-making and 68 CPSEs (excluding Public Sector Banks and Public Sector Insurance Companies) are listed on stock exchanges.

    Minority stake sales in various PSEs are carried out based on investor interest and market conditions, as per SEBI approved methods and norms. According to DIPAM, empaneled MBSB will be required to advise on the timing and the modalities of the OFS. They will advise on regulatory norms and assist in securing approval and exemptions. They are expected to ensure best returns to the government. They will conduct market surveys, and domestic and international roadshows to generate interest amongst prospective investors.

    Empaneled MBSE are also required to arrange physical and/or online meetings with the top management of key domestic and international investors, including Institutional and HNIs, market for filling all buckets of various investors categories, including retail, facilitate communication about the growth potential of the company and articulate the key marketing themes and positioning of the company. They will undertake market research, assist in the pricing of the Issue, allocation of shares, and provide after-sale support, etc.  

    Similarly, the scope for work for legal advisors include drafting, reviewing, and finalising the notice for filing with Stock Exchanges and Public Notice. They will be involved in drafting responses to queries received from SEBI, Stock Exchanges, depositories, etc., until the completion of all activities relating to OFS. They will draft the consent letters to be taken from all intermediaries. They will provide advice, consulting, hold discussions with officials of the company during OFS. They will also provide other legal advice on research publication and dissemination, statutory and corporate advertisement in connection with the OFS as may be required.

    OFS can be done for meeting the norms for Minimum Public Shareholding (MPS) or just to raise additional resources. During the current Financial Year 2023-24, so far, over ₹8,800 crore crore has been obtained through OFS, OFS (Employee), and Others, with Coal India alone contributing over ₹4,100 crore through OFS. Since there has not been any strategic disinvestment, there is very remote possibility of meeting the Budget Estimate for disinvestment receipts in the financial year 2023-24, which has been kept at ₹.51, 000 crore.

    The government says disinvestment is an ongoing process, and the execution/completion of specific transactions hinges upon market conditions, the domestic and global economic outlook, geopolitical factors, investor interest, and administrative feasibility. Profit/loss is not among the relevant criteria for privatisation/disinvestment, it said.

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  • Uco Bank Q2 net down 20.38% at ₹401.67-cr

    Uco Bank Q2 net down 20.38% at ₹401.67-cr

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    Kolkata

    Public sector lender Uco Bank on Friday reported a 20.38 per cent year-on-year decline in its net profit at ₹401.67 crore for the second quarter this fiscal as its operating profit fell more than 17% y-o-y during the period.

    The Kolkata-headquartered lender’s net profit for the second quarter last fiscal stood at ₹504.52 crore. On a quarter-on-quarter basis, net profit rose 79% during Q2FY24 from ₹223.48 crore in Q1FY24, according to a stock exchange filing.

    The bank’s operating profit for the quarter under review declined 17.47% y-o-y at ₹981.88 crore as its non-interest income fell 17.07% y-o-y due to lower treasury income.

    “Treasury income came down to ₹ 57 crore in this quarter from ₹163 crore in Q2FY23 as there was mark-to-market loss due to increase in yield,” Uco Bank Managing Director and Chief Executive Office Ashwani Kumar said at a media conference.

    SLR holdings

    The MD and CEO said that the bank currently has an excess SLR holding of around ₹23,400 crore, and utilising a part of it to support credit growth is a favoured route instead of aggressively pricing deposits.

    Gross advances grew 17.99% y-o-y to ₹16,7734 crore as on September 30, 2023, while total deposits were up by 6.07% y-o-y to ₹24,9411 crore as on September 30.
    During the second quarter this fiscal net interest income (NII) rose 8.3% y-o-y at ₹ 1916.55 crore as against ₹1769.6 crore for the year-ago period. Domestic net interest margin (NIM) improved 8 basis points y-o-y at 3.05% from 2.97% during Q2FY23

    Better domestic NIM

    Domestic NIM for the half year ended September 30, 2023 stood at 3.12% as against 2.91% for the corresponding period ended 30, 2022, registering an improvement of 21 bps.

    The lender’s bad loan provision for the quarter fell around 16% y-o-y at ₹ 335.81 crore during Q2FY24 from ₹400.27 crore during Q2FY23, as its asset quality improved. Gross NPA ratio during the quarter fell 244 bps y-o-y to 4.14% from 6.58% in the year-ago period.

    Kumar said the bank is expecting around ₹400 crore recovery from two accounts, which are currently under the corporate insolvency resolution process.

    Meanwhile, the bank has withdrawn a circular which had earlier asked branch officials to distribute sweets to top ten NPA accounts holders. “The intent behind that was to meet and greet. Distribution of sweets was not the intent. When I got to know of it, we took the decision (to withdraw the circular),” Kumar added.

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  • Parenting 101: Here are 3 great ways to give back as a family this holiday season

    Parenting 101: Here are 3 great ways to give back as a family this holiday season

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    The holidays are the perfect time to wrangle up your family and friends, and give back. After all, we have all been blessed with so much – it’s important to give back at this time of the year. And with so many local charities and organizations looking for some helping hands, it couldn’t be easier to play Santa’s little helper this season. 

    Every year, A Canadians Cooking (who does some of our amazing recipes) prints one piece of merch and donates 100% of all the profits to charities. This year they are printing bandanas and donating all the profits to animal rescues. The profits will be divided between Humane Canada, Rosies Animal Adoption, and sauvetage lapins errants. The bandanas are selling for $12 each with the option to round up to $15. The bandanas are printed by a local small business, so the purchasing and work was also given to a local business. If you would like to order, send A Canadians Cooking a direct message on either Facebook or Instagram, or you can email your order to acanadianscooking@gmail.com. Sales will be taking place until January 8th. Also, prizes may be won with each purchase at the end of the initiative. 

    Elves Filling Shelves is a local West Island initiative started by a family who wanted to help a few other less-fortunate families in their community. “A few” has grown into a lot, and they will be helping more than 50 families this holiday season with food donations, gifts, clothing, and more. They match donor families with families in need and provide a shopping list of things that they need. They also accept donations. It’s a great way to get your own family involved in choosing the items, plus kids really identify with the fact that they are helping someone their own age. We did it last year and it was a tremendous experience.

    The Montreal Toy Tea collects toys for children and teens who are staying in battered women’s shelters across the city during the holidays. While in the past this was an in-person event, the last several years it has been virtual. For the 31st edition, they’re back to hosting, and this year it takes place on December 7th at the Royal Montreal Regiment. Children from various schools will perform, snacks and tea will be served, and volunteers will be on-hand to collect the new toys attendees are invited to bring.

    – Jennifer Cox

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  • LIC Q2: Insurer witnesses massive jump in net profit to Rs 15,952 cr in Sept quarter from Rs 1,433 cr in FY22

    LIC Q2: Insurer witnesses massive jump in net profit to Rs 15,952 cr in Sept quarter from Rs 1,433 cr in FY22

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    Life Insurance Corporation (LIC), the largest insurance company in the country, reported a massive net profit of Rs 15,952 crore for the quarter ended September 30, 2022 (Q2 FY23), from Rs 1,433 crore in the same period last year. The insurance giant recorded a net profit of just Rs 682.9 crore in the June quarter.  

    As per its filing on Friday, the company has said that the massive surge is due to change in its accounting policy.   

    Its first-year premium, which shows business growth, was at Rs 9,124.7 crore for the September quarter compared with Rs 8,198.30 crore a year ago. 

    The net premium income was at Rs 1.32 lakh crore this quarter as compared to Rs 1.04 lakh crore in the year-ago period.  

    LIC’s renewal premium rose 2 per cent to Rs 56,156 crore, while single premium increased 62 per cent to Rs 66,901 crore. 

    Emkay Global had predicted that LIC will report a 19 per cent YoY drop in net profit this quarter compared with Rs 1,504 crore in the corresponding quarter last year.  

    It added that APE will grow 15 per cent YoY to Rs 13,286.50 crore from Rs 11,548.80 crore, while VBN will rise 17 per cent YoY to Rs 1,854.10 crore from Rs 1,583 crore. The VBN margin was predicted at 13.95 per cent, up 24 bps over 13.71 per cent YoY. 

    The company’s stock ended 1.17 per cent higher at Rs 628.05 on BSE on Friday ahead of the results. 

    Also read: Zomato working on new ‘differentiated’ loyalty programme, says Deepinder Goyal

    Also read: LIC shares rise after two days; here’s what to expect from Q2 earnings today

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  • ICICI Bank Q2 Result: Profit rises 37% to Rs 7,558 cr, total income grows to Rs 31,088 cr

    ICICI Bank Q2 Result: Profit rises 37% to Rs 7,558 cr, total income grows to Rs 31,088 cr

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    Private sector lender ICICI Bank’s profit for the September quarter surged 37 per cent year-on-year (YoY) to Rs 7,558 crore as against Rs 5,511 crore a year ago. It also reported a 26.5 per cent rise in net interest income (NNI) to Rs 14,787 crore as it saw a drastic fall in bad loan provisions, the bank said in its BSE filing.

    The net interest income was Rs 11,690 crore last year. The net interest margin expanded around 30 basis points on a sequential and a year-on-year basis.

    The bank’s total income grew to Rs 31,088 crore in the reporting quarter, while the overall expenses climbed to Rs 19,408 crore from Rs 18,027 crore a year ago.

    Loan portfolio

    As per its filing, the overall loan portfolio grew by 23 per cent year-on-year, with a domestic loan portfolio growth of 24 per cent. The total period-end deposits grew by 12 per cent year-on-year to Rs 10.9 lakh crore in September FY23, with an average current account and savings account (CASA) ratio of 45 per cent in the same period.

    The bank has registered a 25 per cent Y-o-Y growth in the retail loan portfolio contributing 54 per cent to the total loan book, and 44 per cent growth Y-o-Y in the business banking portfolio.

    The bank said it has written off gross NPAs of Rs 1,103 crore during the quarter.

    Gross NPAs of ICICI Bank dropped to 3.19 per cent in Q2FY23 from 3.41 per cent in the last quarter and 4.82 per cent in the year-ago quarter. Meanwhile, the net NPA of the lender improved to 0.61 per cent in Q2 FY23 from 0.7 per cent in the June quarter FY23 and 0.99 per cent in Q2 FY23.
    The loan and non-fund based outstanding to performing borrowers rated BB and below reduced to Rs 7,638 crore in the quarter ended September FY23, down from Rs 8,209 crore in the previous quarter.

    ICICI Bank’s provisions dropped 39 per cent Y-o-Y to Rs 1,644 crore in the September quarter from Rs 2,714 crore a year ago. Provisions for Q2FY23 include a contingency provision of Rs 1,500 crore made on a prudent basis, the filing stated.

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