Slack Travel Market Hurts AirMedia
AirMedia Group Inc (NASDAQ: AMCN), a Chinese digital media network operator focused on air travel, posted $87.8 million in revenues and $4.6 million in net profits for Q4 2011, up 24.1% and down 9.8% year on year respectively. For the whole of 2011, its revenue was up 17.5% to $277.8 million and its net loss increased by $4.7 million to $9.6 million. A sluggish global air travel market was blamed for the losses.
Air China to Book ¥1.7b Impairment Loss
Air China Ltd (SHA: 601111, HKG: 0753) said it will book a bigger-than-expected impairment loss of ¥1.37 billion in Q4 2011 after a lackluster second-hand market kept it from selling 33 aircraft, and it will book a ¥1.69 billion impairment loss for the whole of 2011. The nation's third largest carrier by passenger traffic said the impairment loss will not have a profound impact on its 2011 financial figures.
Ping An Premiums Jump 14% Through Feb
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium incomes rose 14.2% year on year to ¥52.56 billion in the first two months of 2012, including ¥36.02 billion from life insurance policies and ¥15.6 billion from property insurance policies, which were up 12.2% and 19.1% respectively from the same period a year earlier.
Baosteel Keeps Apr Prices Unchanged
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable steelmaker, said it will keep its prices for April-delivery products unchanged at March levels. Baosteel hiked the prices of many of its March-delivery goods, and the company's recent decision to keep prices stable is sign of its waning confidence in demand in Q2 2012.
China Vanke Net Profit Rises 32% in 2011
China Vanke Co (SHE: 000002) the nation's biggest developer by sales, posted ¥71.78 billion in revenues and ¥9.63 billion in net profits for 2011, up 41.5% and 32.2% respectively from the year before. The increase in apartments smaller than 144m2, which were less affected by government curbs and made up 88% of the total floor space it sold, was attributed to the strong growth in earnings. Vanke sold 10.75 million m2 in floor space valued at ¥121.54 billion last year, up 19.8% and 12.4% respectively from 2010.
$1 = ¥6.33