Chinalco Posts Big Drop in Net Profit
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) said unaudited figures showed its net profit totaled ¥238 million in 2011, plunging significantly from ¥778 million in the year before as aluminum prices slid to ¥16,000/ton in Q4 2011, paring its ¥968 million net profit for Q1-Q3. China's biggest aluminum producer would have recorded a ¥329 million loss last year if its investment return and government subsidies had not been counted in.
China Unicom Serving 46m 3G Users
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it attracted 2.83 million 3G service subscribers in February, bringing the total number to 45.89 million.
China Molybdenum to Raise ¥3.5b from Shanghai IPO
China Molybdenum Co (HKG: 3993), the nation's biggest producer of the rare earth mineral, plans to raise ¥3.65 billion in its Shanghai initial public offering scheduled for Friday. The shares will represent 10% of its total capital stock. It will invest ¥1.88 billion of the funds in high-performance carbide projects and ¥1.77 billion boosting its molybdenum and tungsten capacities.
Ping An Has Sufficient Funds for Operations
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its planned convertible bond issuance and regular growth in policy sales will be enough to support its growth in the next two to three years, president Ren Huichuan said. The company's net profit rose 13% to ¥19.48 billion in 2011.
Great Wall Motor Net Profit Rises 27%
Great Wall Motor Co (SHA: 601633, HKG: 2333) posted ¥30.09 billion in revenues and ¥3.43 billion in net profits for 2011, up 30.9% and 26.9% respectively from the year before as its sales volume jumped 27.3% to 463,000 units. The company exported 79,000 vehicles last year, up 58.7% from 2010.
Wind Power Lifts China Fiberglass
China Fiberglass Co (SHA: 600176), the world's largest manufacturer of the material, posted ¥5.04 billion in revenues and ¥292 million in net profits for 2011, up 5.7% and 41.9% respectively from the year before as the government continued to back the growth of the wind power industry, which requires fiberglass as a key production component.
$1 = ¥6.31