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China Unicom Misses Estimates on 3G Costs
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) posted ¥215.5 billion in revenues and ¥4.17 billion in net profits for 2011, up 22.4% and 19.2% respectively from the year before. Eroded by heavy investments in its 3G business, the figures were much worse than market expectations. 3G services, which contributed ¥33.79 billion to total revenue and attracted 25.96 million users in 2011, are expected to be profitable this year, CEO Chang Xiaobing said, adding that the company will increase capital spending 30% to ¥100 billion this year, with a focus on 3G services. China Unicom was the only authorized direct retailer of Apple Inc's (NASDAQ: APPL) iPhone in China before China Telecom Corp (NYSE: CHA, HKG: 0728) started selling the smartphone earlier this month.
Tri-Tech Net Profit Up 14%
Tri-Tech Holdings Inc (NASDAQ: TRIT), a provider of water resource management and wastewater treatment, said that its revenue increased by 97.3% to $85.9 million and net earnings rose 14.3% to $8.1 million in 2011.
Agribank 2011 Net Profit Rises 29%
Agricultural Bank of China Ltd (SHA: 601288, HKG: 1288) said its net profit jumped 29% to ¥121.9 billion in 2011 despite its first drop in quarterly profit in Q4 in two years on slower credit growth and higher nonperforming loan costs. As of the end of last year, the bank's nonperforming loan ratio was 1.55%, down from 2.03% from a year earlier, and its capital adequacy ratio was 11.94%, shored up from 11.59% a year earlier.
Geely Poised to Get Volvo Deal Approval
Geely Automobile Holdings Ltd (HKG: 0175), China's largest privately-owned carmaker, believes its proposed joint venture with Volvo will get approval in 1H 2012 and can start producing and selling under the Swedish brand in 2013, vice president Li Donghui said. Volvo has planned to triple its sales in China to 200,000 units by 2015. Separately, Geely posted ¥21 billion in revenues and ¥1.5 billion in net profits for 2011, up 4% and 13% respectively from the year before. It hopes to sell 460,000 cars this year, up 9% from 2011.
Strong Sales Lift Moutai Earnings
Kweichow Moutai Co (SHA: 600519), the producer of China's most popular white liquor, posted ¥18.4 billion in revenues and ¥8.76 billion in net profits for 2011, up 58.2% and 73.5% respectively from the year before fueled by increases to both the prices and sales volume of its products.
Top Container Maker Net Profit Rises 23%
China International Marine Containers Group Co (SHE: 000039), the world's largest container maker, posted ¥64.13 billion in revenues and ¥3.69 billion in net profits for 2011, up 24% and 23% respectively from the year before.
Ajisen Had 154 Openings in 2011
Ajisen China Holdings Ltd (HKG: 0538), a leading noodle restaurant chain, posted ¥2.49 billion in revenues and ¥1.69 billion in gross profits for 2011, up 14.7% and 12.4% respectively from the year before. It opened 154 restaurants last year, bringing the total number to 662. It plans to open 100 restaurants this year and another 900 by the end of 2014.
Minsheng Bank Net Profit Up 59%
China Minsheng Banking Corp (SHA: 600016, HKG: 1988), the nation's first privately-owned bank, said its net earnings climbed 58.8% to ¥27.92 billion in 2011 thanks to diversified sources of revenue and higher efficiency. The lender extended ¥147.7 billion in loans last year, and had ¥2.2 trillion in total assets and ¥2.1 trillion in total liabilities as of the end of 2011.
$1 = ¥6.29
@2011 China Economy @ The China Perspective.
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