Sportswear Industry Suffers Bad Business
Total revenues of China's seven publicly traded sportswear retailers fell 26.5% year on year to 11.8 billion yuan in 1H 2013, and their total net profit dived 42.2% to 1.26 billion yuan during the same period, according to figures from Sina Finance. The total number of their retail stores added up to 38,246 as at the end of June 2013, a decrease of 1,742 from 6 months earlier. Heavy discounts in response to stiffer competition and slack demand were blamed for industry-wide poor performance.
Chalco Halts Malaysia Project
Aluminum Corp of China Ltd (NYSE: ACH, HKG: 2600, SHA: 601600) said it has suspended a $1 billion aluminum smelting project in Malaysia, without giving details. Chalco, as the company is commonly known, signed a framework deal in 2010 with Malaysia's Gulf International Investment Group to build an aluminum smelter in Sarawak to take advantage of cheap local hydropower resources. Preparation for the factory had been slow, according to previous Chalco announcements. The project was expected to become operational in 2013 and smelt 370,000 tons of aluminum per year. Earlier this week Chalco said its operating losses contracted significantly to 624 million yuan in 1H 2013 from 3.25 billion yuan a year earlier after it reduced raw material and production costs.
Baoxin Auto 1H Earnings Jump 53%
Baoxin Auto Group Ltd (HKG: 1293), a Chinese car dealer, posted 15 billion yuan in revenues and 511 million yuan in net profits for 1H 2013, up 67% and 53% respectively from a year earlier. The strong rises were due to higher aftersales contribution to profit and sales of new cars with higher margins.
Tuniu Lands $60 Million in VC
Tuniu.com, a Chinese online travel agent, said it had received $60 million in its fourth round of fundraising, with Temasek and Doll Capital Management being the leading contributors. The money will be used to optimize its product mix and build a strong team, Tuniu chief financial officer Yang Jiahong said. Founded in October 2006, Tuniu had served 3 million people as at the end of June 2013.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..