China Life Earnings Sink on Failed Investment
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its net profit dropped 45.5% to ¥18.33 billion in 2011 following worse performance of its investment return amid the nation's bearish capital market.
Sinopec Moves to Diversify Oil Imports
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) has taken steps to broaden its sources of oil imports as imports from Iran have fallen significantly so far this year, chairman Fu Chengyu said.
Conch Cement Net Profit Jumps 88%
Anhui Conch Cement Co (SHA: 600585, HKG: 0914), China's biggest cement producer by output, posted ¥48.65 billion in revenues and ¥11.59 billion in net profits for 2011, up 41% and 88% respectively from the year before as both cement prices and sales volume increased.
Baotou Rare Earth Net Profit Surges 363%
Inner Mongolia Baotou Steel Rare Earth Group Co (SHA: 600111), China's largest rare earth producer, posted ¥11.53 billion in revenues and ¥3.48 billion in net profits for 2011, up 119% and 363% respectively from the year before as the Chinese government consolidated the rare earth industry, pushing up prices of the minerals and reducing competition.
Bright Dairy Lifted by Strong Offshore Sales
Bright Dairy & Food Co (SHA: 600597), a leading dairy supplier in Shanghai as well as Zhejiang and Jiangsu provinces, posted ¥11.79 billion in revenues and ¥237 million in net profits for 2011, up 23.2% and 18.3% respectively from the year before as overseas sales skyrocketed 445% to ¥1.64 billion. It expects to generate ¥13.65 billion in revenues and ¥273 million in net profits this year.
Everbright Bank Plans ¥30b Bonds to Support Startups
China Everbright Bank Co (SHA: 601818) said it has been approved to issue ¥30 billion worth of financial bonds to lend more to small and midsized businesses. Lin Li, the lender's vice president, previously said its loans to small firms will represent over half of its total lending in 2012.
Mengniu Net Profit Up 28%
China Mengniu Dairy Co (HKG: 2319), a leading Chinese dairy maker, posted ¥37.39 billion in revenues and ¥1.59 billion in net profits for 2011, up 23.5% and 28.4% respectively from the year before. Revenues from China made up 90% of the total.
$1 = ¥6.3