Slowdown in China Dents McDonald's Earnings
McDonald's Corp (NYSE: MCD) said its net profit from the Asia Pacific, Middle East and Africa regions fell to $190 million in Q2 2013 from $198 million a year earlier as new openings and rising costs in China increased expenses. The fallout from the bird flu scare in China in April and May was also to blame. The fast food giant would open 50 fewer restaurants this year than originally planned, with most of the cancellations to take place in China, but this year's opening in China will definitely exceed last year's 256, a McDonald's China executive told Yicai.com. McDonald's was operating 1,777 restaurants in China as of the end of June 2013, according to its financial report.
Apple's Revenue from China Slumps
Apple Inc (Nasdaq: AAPL) said its revenue from China, including Taiwan and Hong Kong, fell 14% year on year and 43% quarter on quarter to $4.64 billion in its latest financial quarter, without giving reasons. The tech giant's revenue from China hit a record $8.2 billion in the previous quarter.
New Oriental Profits Surge 73%
New Oriental Education & Technology Group Inc (NYSE: EDU), a Chinese test preparation course provider, said its net profit shot up 73.4% year on year to $28.2 million in the quarter through May 31, 2013, after it effectively controlled openings of new learning centers and improved the utilization of learning centers and teachers. A total of 559,000 people bought its courses during the quarter, up 6.1% from a year ago. The number of its schools and learning centers was 726 as of May 31, 2013, down from 733 a quarter earlier.
Telcos Post June Subscribers Data
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it added a net 5 million customers in June, up 8% from May; it attracted 8.5 million 3G users in June, down 9.5% from May. China Unicom Ltd (NYSE: CHU, HKG: 0762, SHA: 600050) said it added a net 3.8 million customers in June, up 1.9% from May; it attracted 4.1 million 3G users in June, up 3.2% from May. China Telecom Corp (NYSE: CHA, HKG: 0728) said it added a net 2.3 million customers in June, up 10.2% from May; it attracted 3.1 million 3G users in June, down 0.3% from May.
Suning.com to Sell Fresh Produce
Suning Commerce Group Co (SHE: 002024), China's largest consumer electronics retailer by revenue, said its e-commerce division Suning.com will begin selling fresh food by offering the famous Yangchenghu Lake hairy crab by the end of July, a Suning.com employee said. Suning.com has established sourcing centers in 58 regions and developed ties with over 10 fresh food suppliers across nation, according to the employee.
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