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China Telecom Net Profit Rises 10.5%
China Telecom Corp (NYSE: CHA, HKG: 0728) posted ¥245.04 billion in revenues and ¥16.5 billion in net profits for 2011, up 11.7% and 10.5% respectively from the year before. The company attracted 35.95 million mobile service customers, including 24 million 3G service users, last year; bringing the total numbers to 126 million and 36.29 million respectively.
China Mobile Signs 6m Users in Feb
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it attracted 5.96 million customers, including 2.65 million 3G service users, in February; taking the total numbers to 661 million and 56.59 million respectively.
Qihoo Invests in Browser Gaming Network
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, has injected cash into Mengwang Network Technology Co (2366.com), a Sichuan province-based browser gaming operator, said Guo Haibin, an executive of Qihoo 360's browser gaming division, without disclosing the amount.
Focus Media Net Profit Up 9%
Focus Media Holding Ltd (NASDAQ: FMCN), a Chinese digital advertising company, posted $792.6 million in revenues and $200.9 million net profits for 2011, up 54% and 9% respectively from the year before.
Citi Sells 2.7% Stake in Shanghai Bank
Shanghai Pudong Development Bank Co (SHA: 600000) said Citigroup Inc's (NYSE: C) overseas investment unit has sold all of its 2.714% stake in the Shanghai lender. Citi said it expected to receive $668 million and net $349 million in proceeds from the deal, without revealing the reasons behind it. Analysts say Citi sold the stake as it has shifted its focus to Guangdong Development Bank, which is planning its dual initial public offerings in mainland China and Hong Kong aimed at raising ¥35 billion.
Baosteel Plans to List Can Maker
Baosteel Group, China's most profitable mill and the parent of Baoshan Iron & Steel Co (SHA: 600019), said it is preparing the initial stock sale in Shanghai of Baosteel Packaging Co, the nation's only producer of steel cans. Baosteel founded the unit in 2004 with ¥500 million in registered capital and boosted its assets to ¥1 billion in 2010. It is expected to make 10 billion steel cans and print 250,000 tons of iron worth a combined ¥10 billion annually by 2015. The Coca-Cola Co (NYSE: KO) is a buyer of Baosteel cans.
Xian Aircraft Earnings Dive on Slack Demand, Higher Costs
Xian Aircraft International Corp (SHE: 000768) posted ¥8.87 billion in revenues and ¥108 million in net profits for 2011, down 15.9% and 68.8% respectively from the year before. Weaker demand for aircraft and rising raw material costs were blamed for the poorer performance.
Merchants Property Net Profit Rises 29%
China Merchants Property Development Co (SHE: 000024), a developer focused on medium to high-end projects, posted ¥15.11 billion in revenues and ¥2.59 billion in net profits for 2011, up 9.6% and 29% respectively from the year before. It sold 1.2 million m2 in contract floor space valued at ¥21 billion last year, up 26% and 44% respectively from 2010. Its average price per m2 increased from ¥15,367/m2 to ¥17,500/m2.
Industrial Bank Net Profit Up 37.7%
Industrial Bank Co (SHA: 601166) posted ¥59.87 billion in revenues and ¥25.51 billion in net profits for 2011, up 37.8% and 37.7% respectively from the year before. Its capital adequacy ratio stood at 11.04% as of the end of last year.
$1 = ¥6.3
@2011 China Economy @ The China Perspective.
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