China Eastern Increases Stake in Wuhan
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670) said it will inject ¥1.75 billion into its branch in Wuhan, Hubei's provincial capital, to help make the city a regional aviation hub in central China. China Eastern Airlines Wuhan, 40% of which is owned by the local government, will have five aircraft after the restructuring. By the end of 2015, its fleet size is expected to reach 50 aircraft, its passenger traffic is expected to total seven million annually, its cargo traffic is expected to total 70,000 tons annually, and the number of its flights is expected to exceed 100, including at least 20 international flights.
Merchants Bank Gets Approval for ¥35b Rights Offer
China Merchants Bank Co (SHA: 600036, HKG: 3968) said it has been approved to issue additional shares in Shanghai and Hong Kong, aimed at raising total of ¥35 billion which will be used to replenish capital and support organic growth.
Jahwa Net Profit Rises 31%
Shanghai Jahwa United Co (SHA: 600315), a leading Chinese cosmetics maker, posted ¥3.58 billion in revenues and ¥361 million in net profits for 2011, up 15.6% and 31.1% respectively from the year before. Cost controls helped trim logistics costs and ultimately cut total costs. The company plans to generate ¥3.94 billion in revenues this year.
Shippers Plunge Into the Red in 2011
The nine mainland-listed shipping companies posted a combined ¥11.7 billion loss in 2011 due to higher fuel costs and lower freight rates caused by excess capacity, according to Wind data. They reported ¥13.25 billion in net profits last year. China Cosco Holdings Co (SHA: 601919, HKG: 1919), the nation's largest shipper, lost ¥10.45 billion last year, probably the worst performance for any listed Chinese company.
$1 = ¥6.3
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