Southern Airlines Buys $3b of Boeing Planes
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest airline by passenger traffic, said it signed a deal with Boeing Co (NYSE: BA) to buy 10 B777-300ER airplanes. The aircraft, valued at $2.98 billion, will be delivered between 2013 and 2016.
Sany Sets Up Crane JV with Austria's Palfinger
Sany Heavy Industry Co (SHA: 600031, HKG: 6031), China's largest construction equipment manufacturer, and Palfinger AG, world's biggest maker of truck-mounted cranes, will invest $143 million establishing a 50:50 joint venture to make and sell mobile cranes. Sany Palfinger SPV Equipment Co, the new company, will be based in Changsha, Hunan's provincial capital. The two companies will also invest $5.4 million registering a sales unit in Salzburg, where Palfinger is headquartered.
Baosteel to Strip Loss-Making Stainless Steel Unit
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable steelmaker, said it will sell its stainless steel and special steel division to its parent for ¥9.58 billion. Baosteel said the deal will lock it out of a ¥1.54 billion loss and underscore its focus on the carbon steel business for higher profitability.
Suning's Revenue and Profit Up 20%+
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, posted ¥93.9 billion in revenues and ¥4.82 billion in net profits for 2011, up 24.3% and 20.1% respectively from the year before. It was operating 1,724 stores as of the end of 2011 after 373 net openings last year, including seven in Hong Kong and two in Japan. The figures were unaudited.
Lenovo Halts Netbook Sales
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, said it has suspended sales of its netbooks as a result of the products' poor performance and the burgeoning demand for tablet computers.
Goldwind Profit Slumps on Lower Prices
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker, posted ¥12.87 billion in revenues and ¥607 million in net profits for 2011, down 26.9% and 73.5% respectively from the year before. Lower prices in response to slower industry growth were blamed for the decline in profit. The figures were unaudited.
Yili 2011 Net Profit Soars 133%
Inner Mongolia Yili Industrial Group Co (SHA: 600887), a leading Chinese dairy maker, posted ¥37.45 billion in revenues and ¥1.81 billion in net profits for 2011, up 26% and 132.8% respectively from the year before. The sharp increase in its earnings was in part ascribed to a safety scandal that hit China Mengniu Dairy Co (HKG: 2319), its major competitor, late last year. The figures were unaudited.
BYD's Earnings Plunge 44% on Increased Rivalry
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, posted ¥49.04 billion in revenues and ¥1.4 billion in net profits for 2011, up 1.2% and down 44.4% respectively from the year before. Fiercer competition in the auto market and slack sales of photovoltaic products were blamed for the decline in earnings. The figures were unaudited.
Shanghai Airport Net Profit Up 14%
Shanghai International Airport Co (SHA: 600009), the operator of the city's two airports, posted ¥4.61 billion in revenues and ¥1.5 billion in net profits for 2011, up 10.1% and 14.4% respectively from the year before. The figures were unaudited.
$1 = ¥6.29
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