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China Life Profits Sink on Failed Stock Investment
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, posted ¥131.93 billion in revenues and ¥5.63 billion in net profits for Q1 2012, down 5.8% and 29.4% respectively from the same period a year ago. Losses from investment in the bearish stock market ate into earnings.
Chalco Presses Ahead with SouthGobi Deal
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) said it will on July 5 finalize its $941 million bid for a 56% to 60% stake in SouthGobi Resources Ltd (HKG: 1878), a Mongolia-based coal producer, and expected the deal to be completed in early August. The Mongolian mining authority may revise rules on foreign investment after ordering earlier this month SouthGobi Sands LLC, a wholly-owned subsidiary of SouthGobi Resources, to suspend some of its operations. The directive was widely interpreted as an impediment for the acquisition.
3G Services Lift China Unicom Q1 Earnings Sixfold
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) posted ¥61.19 billion in revenues and ¥1.01 billion in net profits for Q1 2012, up 24.8% and 590% respectively from the same period a year ago. The booming lucrative 3G services fueled the boost in earnings. The number of its customers rose by 9.83 million to 209 million as of the end of March, including 48.86 million 3G service users. Of the 9.83 million increment, 8.84 million were 3G service users.
BYD Q1 Earnings Plunge 90% As Less Cars Sold
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, posted ¥11.73 billion in revenues and ¥27 million in net profits for Q1 2012, up 0.2% and down 89.9% respectively from the same period a year ago. Its sales volume declined 8% year on year to 108,755 units during the quarter amid China's overall lackluster auto market.
ZTE Q1 Net Profit Rises 19%
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, posted ¥18.61 billion in revenues and ¥151 million in net profits for Q1 2012, up 24.3% and 18.5% respectively from the same period a year ago. Revenue from its telecommunications software and services, which were up 97.7% year on year, stoked strong sales.
Angang Posts Loss on Lower Steel Prices
Angang Steel Co (SHE: 000898, HKG: 0347), China's third biggest steelmaker by output, posted ¥18.89 billion in revenues and ¥1.89 billion in net losses for Q1 2012, compared to ¥22.6 billion in revenues and ¥71 million in net profits in the same period a year ago. A sharp fall in steel prices from Q1 2011 was blamed for the losses.
Jiangxi Copper Q1 Net Profit Falls 10%
Jiangxi Copper Co (SHA: 600362, HKG: 0358), China's biggest copper producer, posted ¥28.8 billion in revenues and ¥1.43 billion in net profits for Q1 2012, up 14.2% and down 9.6% respectively from the same period a year ago. Higher operating expenses were blamed for the decline in earnings.
$1 = ¥6.28
@2011 China Economy @ The China Perspective.
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