Baidu Takes 30.5% of China's Online Ad Revenues
Baidu.com Inc (NASDAQ: BIDU), China's most popular search engine, captured a 30.5% share of the nation's online advertising revenues in Q4 2011, followed by Alibaba's (China's top e-commerce service provider) 17.4% and Google Inc's (NASDAQ: GOOG) 6.5%, according to Analysys International.
Huaneng Power Earnings to Sink 50%
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest electricity producer, expected its net profit to plunge over 50% in 2011 due to higher fuel prices. It posted ¥3.54 billion in net profits in 2010.
Chinalco Forecasts 50% Drop in Earnings
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) expected its net profit to plunge over 50% in 2011 due to lower prices of aluminum products and higher power prices that pushed up operating expenses. The company posted ¥778 million in net profits in 2010.
Gezhouba Clinches ¥9b Sudan Deal
China Gezhouba Group Co (SHA: 600068), a leading construction contractor, said it signed a ¥8.9 billion contract to build a hydro power plant in South Sudan. Gezhouba sealed ¥72.53 billion worth of deals in 2011, up 30.4% from the year before.
Shenhua Energy Sold 32% More Coal in 2011
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said it produced 281.9 million tons of coal and sold 387.3 million tons in 2011, up 25% and 32% respectively from the year before.
Gold Producers Expect Earnings to Jump 50%
Zhongjin Gold Corp (SHA: 600489) and Shandong Gold Mining Co (SHA: 600547), two leading Chinese gold producers, expected their net profits to increase over 50% in 2011 due to increased gold and copper prices. Zhongjin Gold posted ¥1.2 billion in net profits and Shandong Gold posted ¥1.22 billion in 2010.
Steelmakers Forecast Severe Drop in Earnings
Maanshan Iron & Steel Co (HKG: 0323) expected its net profit to slide over 50% to ¥1.1 billion in 2011 due to crimped demand and higher raw material costs. Beijing Shougang Co (SHE: 000959) said its net profit would tumble 96% to ¥13 million in the past year due to lower prices of its products.
SAIC Motor Forecasts 40% Rise in Earnings
SAIC Motor Corp (SHA: 600104), China's biggest automaker by output, expected its net profit to rise over 40% in 2011 as its sales volume was up 12%, cracking the four million unit mark. Its net profit was ¥13.73 billion in 2010.
Sinovel Forecasts 50% Drop in Earnings
Sinovel Wind Group Co (SHA: 601558), China's biggest wind turbine maker, expected its net profit to plunge over 50% in 2011 due to falling prices of its products caused by stiffer competition. It posted ¥2.86 billion in net profits in 2010.
Zoomlion Forecasts Sharp Gain in Earnings
Zoomlion Heavy Industry Science and Technology Co (SHE: 000157), a leading construction equipment manufacturer, expected its net profit to jump 55% to 75% to between ¥7.23 billion and ¥8.17 billion in 2011 thanks to strong sales of its new products.
$1 = ¥6.31