Eastern Airlines Said to Replace Airbus Orders with Boeing
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second biggest carrier by passenger traffic, is planning to order 20 Boeing 777s valued at $6 billion as it cancels $3 billion worth of 20 Airbus A330 orders placed with Airbus last October, people with knowledge of the matter said. China is stepping up its confrontation with the EU over its aviation carbon emission tax. The three sides declined to comment.
Southern Airlines Earnings Dive 74% Despite Higher Revenue
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, posted ¥23.69 billion in revenues and ¥319 million in net profits for Q1 2012, up 15.5% and down 74.2% respectively from the same period a year ago. Higher fuel costs and lower foreign exchange net incomes were behind the plunge in earnings.
PetroChina Q1 Net Profit Up 6% as Production Expands
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation's biggest oil explorer, posted ¥525.65 billion in revenues and ¥39.15 billion in net profits for Q1 2012, up 17.9% and 5.8% respectively from the same period a year ago. It processed 2.57 million barrels of crude oil during the quarter, up 2.8% year on year. Its refining business lost ¥10.85 billion but the conditions have improved.
Sinopec Q1 Net Profit Down 37%
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), the nation's biggest oil refiner, posted ¥671.37 billion in revenues and ¥12.83 billion in net profits for Q1 2012, up 14% and down 37.4% respectively from the same period a year ago. Heavy losses from selling fuels at government-set prices dragged down earings. Sinopec produced 32.87 million tons of refined oil during the period, up 5% year on year.
China Telecom Q1 Net Profit Hit by iPhone Costs
China Telecom Corp (NYSE: CHA, HKG: 0728) posted ¥67.93 billion in revenues and ¥4.27 billion in net profits for Q1 2012, up 15.7% and down 6.5% respectively from the same period a year ago. The introduction of the iPhone boosted costs and hurt earnings, which were lower than expected.
ZTE Partners with eBay for Distribution in US
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said it will sign a deal with eBay Inc (Nasdaq: EBAY) to broaden its distribution channels in the US as part of its efforts to boost sales of tablet computers and smartphones in the years to come. ZTE hopes to sell 1.5 million tablet computers and 40 to 50 million smartphones globally this year.
Zijin Net Profit Falls 23%
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, posted ¥9.19 billion in revenues and ¥1.07 billion in net profits for Q1 2012, up and down 23% respectively from the same period a year ago. Uncertainty over global economic recovery and inflation concerns affected demand for Zijin's products, the company said.
$1 = ¥6.28