Refining Hurts PetroChina Profit
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), Asia's biggest oil maker, posted ¥2 trillion in revenues and ¥132.98 billion in net profits for 2011, up 36.7% and down 4.9% respectively from the year before. Its refining business, which lost over ¥60 billion last year, was the reason behind the decline in earnings. Separately, PetroChina chairman Jiang Jiemin said the company plans to acquire "a lot of" assets to increase production and step up exploring offshore markets.

Costlier Fuel Drags Down Southern Airlines Earnings
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, posted ¥92.77 billion in revenues and ¥5.08 billion in net profits for 2011, up 19% and down 12.6% respectively from the year before. Higher fuel prices and slower domestic travel growth were blamed for the decline in earnings. The airline's passenger traffic totaled 80.68 million people and cargo traffic totaled 1.14 million tons last year, up 5.5% and 1.6% respectively from 2010.

China Eastern Switches from Boeing Dreamliner to 737
Boeing Co (NYSE: BA) said China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second largest carrier by passenger traffic, has canceled its 24 orders for the 787 Dreamliner and ordered 45 Boeing 737s as delivery of the former will be delayed by three years.

ICBC Net Profit Rises 26%
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's most profitable lender, posted ¥470.6 billion in revenues and ¥208.27 billion in net profits, up 23.6% and 26.1% respectively from the year before. Non-interest incomes rose 40% to ¥107.84 billion accounting for 22.9% of the total revenue, up 2.7 percentage points from a year earlier. ICBC had ¥15.48 trillion in total assets and its capital adequacy ratio was 13.17% as of the end of 2011, up 15% and 0.9 percentage points respectively from a year earlier.

BoC Net Profit Rises 19%
Bank of China Ltd (SHA: 601988, HKG: 3988) said its net profit grew 19% to ¥124.18 billion in 2011 thanks to its credit and intermediary businesses. Net interest incomes were up 18% to ¥228.06 billion.

Saic Net Profit Rises 23%
Saic Motor Corp (SHA: 600104), China's biggest carmaker by output, posted ¥434.8 billion in revenues and ¥20.22 billion in net profits for 2011, up 18.9% and 23.4% respectively from the year before. The company previously said its sales volume was up 12% to over four million units last year.

Citic Securities Optimistic Over Stock Market
Citic Securities Co (SHA: 600030, HKG: 6030), China's biggest brokerage, said the mainland stock market would rally and fare better than last year, when it experienced an overall slump. Separately, Citic Securities said its net profit rose 11.2% to ¥12.58 billion in 2011.

Cosco Posts Huge Loss
China Cosco Holdings Co (SHA: 601919, HKG: 1919), the nation's largest shipper, posted a ¥10.45 billion net loss in 2011 due to higher fuel costs and lower freight rates caused by excess capacity. Cosco, which netted ¥6.77 billion in 2010, will probably be the worst performing listed Chinese company last year.

Tsingtao Brewery Net Profit Rises 14%
Tsingtao Brewery Co (SHA: 600600, HKG: 0168), China's second largest brewer by capacity, posted ¥23.16 billion in revenues and ¥1.74 billion in net profits for 2011, up 16.4% and 14.3% respectively from the year thanks to larger sales volume.

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