PetroChina 1H Earnings Edge Up 5.6%
PetroChina Co (NYSE: PTR, HKG: 0857, SHA: 601857), the nation's biggest oil producer, posted 1.1 trillion yuan in revenues and 65.52 billion yuan in net profits for 1H 2013, up 5.2% and 5.6% respectively from a year earlier. Earnings per share went up by 0.02 yuan to 0.36 yuan. The company credited the profit increase to strong natural gas sales and a sharp fall in refining loss. It sold 47.88 billion cubic meters of natural gas in 1H 2013, up 9.8% year on year. Its refining division's loss shrank by 13 billion yuan to 15.86 billion yuan during the 6-month period.
China Mobile Looks to European Suppliers
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's biggest wireless carrier by subscribers, plans to give European telecommunications equipment suppliers a third of a huge project to roll out high-speed wireless data service across its network, the Wall Street Journal reported, citing people familiar the decision. The project is among the biggest equipment supply opportunities to hit the global market in years. It would mean hundreds of millions in added revenue for Europe-based Ericsson, Alcatel-Lucent SA and Nokia Siemens Networks.
Strong Sales Boost Geely 1H Earnings 37%
Geely Automobile Holdings Co (HKG: 0175), China's largest private carmaker, posted 14.85 billion yuan in revenues and 1.4 billion yuan in net profits for 1H 2013, up 33% and 37% respectively from a year earlier. Average selling price, which rose 11% year on year on strong sales of the EC7 model, bolstered the increases in revenue and earnings and drove up gross margin to 19.2% from 17.4% a year earlier. Geely's vehicles sales were up 18.5% year on year to 264,000 units in 1H 2013; it hopes to sell 560,000 vehicles in the full year.
Merchants Property 1H Earnings Double
China Merchants Property Development Co (SHE: 000024) posted 16.13 billion yuan in revenues and 2.55 billion yuan in net profits for 1H 2013, up 60% and 109% respectively from a year earlier. A 183% fall in asset impairment loss and a 1,034% increase in other incomes were behind the surge in profits, according to its financial statement. The value of the company's property sales contract rose 23.8% year on year to 20 billion yuan, and the amount is expected to top 40 billion yuan for the full year.
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