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Tesco dived to a £6.4bn statutory loss, before tax, in the year to 28 February and underlying profits, which exclude one-off items such as property writedowns, now sit at just £961m.
While first half pre-tax profits doubled to £2.5bn, Horta-Osório focused on the underlying profits – which exclude restructuring costs and other items – that were down 5% at £4.1bn.
That compares with a 5-10% drop in most big countries and a 30% drop in Spain.There are huge differences in the forecasts of banks' underlying profits, which play a big role in absorbing bad debts.
UKTV has become an increasingly important component of BBC Worldwide's underlying profits, which stood at £127.2m in the year to the end of March 2015, and achieving the target of funnelling £1bn back to the corporation over five years from the 2014/15 financial year.
Underlying profits, which ignore the impact of property sales, beat analysts' forecasts with a rise of 6.2% to £756m.
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HSBC's underlying profits - which ignore one-time accounting effects as well as the impact of changes in the bank's creditworthiness - rose 18%.
Stripping out exceptional items, M&S posted a 6 per cent fall in underlying profits to £665.2m, which was in line with City expectations.
Last month the outsourcing group, Britain's biggest by market capitalisation, announced a solid 10% increase in underlying profits for 2010, which rose to £395m, on a meagre 2% rise in revenues.
Underlying profits at the group, which also owns Castorama in France and chains in Russia and Poland, rose 0.3% to £686m in the 12 months to the end of January.
The property company suffered a "significant fall" in commercial property deals before the vote, it said, which pushed underlying profits at its UK commercial business down 54%, to £2.7m, in the first six months of the year.
Half-year pre-tax profit fell 0.4% to £279.4m, but underlying profits rose 2.3% to £267.6m which was ahead of expectations.
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