Sina Voices Concern Over Censored Weibo
Sina Corp (Nasdaq: SINA), a leading Chinese web portal, said it is looking for the best way to monetize its Weibo microblogging service, the most popular of its kind in China, as the Chinese government steps up censorship on the internet. It even predicted the demise of Weibo in the event of harsher crackdown on social networking media in the country.
Chalco Loses ¥1b in Q1
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) posted ¥33.59 billion in revenues and ¥1.09 billion in net losses for Q1 2012. The revenue was up 19% year on year, and the net losses were compared to a ¥331.17 million net profit a year earlier. Weak demand, rising raw materials costs and falling alumina prices were blamed for the huge loss. Analysts say 2012 would be the worse year for the company in three years.
Costlier Fuel Hurts Eastern Airlines Profits
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second biggest carrier by passenger traffic, posted ¥19.32 billion in revenues and ¥266.53 million in net profits for Q1 2012, up 6.4% and down 74% respectively from the same period a year ago. Higher fuel prices have offset the increase in operating sales and brought down earnings. Separately, the airline said it plans to issue ¥10 billion worth of 270-day bonds, without revealing details.
Baosteel Net Profit Slumps on Sagging Demand
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable mill, posted ¥47.42 billion in revenues and ¥1.22 million in net profits for Q1 2012, down 12% and 60% respectively from the same period a year ago due to weak demand from the construction and automotive industries after the government acted to cool them.
ICBC, CCB Post Slowest Quarterly Growths in 2 Years
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's most profitable lender, posted ¥131.02 billion in revenues and ¥61.34 billion in net profits for Q1 2012, up 15.1% and 14% respectively from the same period a year ago. China Construction Bank Corp (SHA: 601939, HKG: 0939), the nation's biggest mortgage lender, posted ¥109.68 billion in revenues and ¥51.51 billion in net profits for Q1 2012, up 15.9% and 9.2% respectively from the same period a year ago. Their earnings growths were the slowest in more than two years as China's economy cooled during the same time.
Ping An Q1 Net Profit Rises 4%
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, posted ¥86.5 billion in revenues and ¥6.06 billion in net profits for Q1 2012, up 17% and 4.3% respectively from the same period a year ago. Premium incomes from individual life insurance policies, a major profit center, grew 8% year on year to ¥59.29 billion. Premium incomes from property insurance were up 19.3% to ¥24.23 billion.
Higher Prices, Sales Lift China Coal Energy Earnings
China Coal Energy Co (HKG: 1898), the nation's second largest coal producer by revenue, said its net profit rose 15% year on year to ¥2.64 billion in Q1 2012, fueled by rising coal prices and sales. It produced 28.76 million tons of coal and sold 34.7 million tons during the quarter, up 11% and 6% year on year respectively.
Shenhua Energy Earnings Up 6% on Higher Prices, Sales
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said its net profit rose 5.9% year on year to ¥11.74 billion in Q1 2012, fueled by rising coal prices and sales. It produced 79.1 million tons of coal and sold 108.3 million tons during the quarter, up 12% and 16% year on year respectively.
Citic Securities Q1 Net Profit Down 36%
Citic Securities Co (SHA: 600030), China's biggest brokerage, posted ¥2.39 billion in revenues and ¥863.26 million in net profits for Q1 2012, down 31% and 36% respectively from the same period a year ago due to drops in its broking business and investment returns amid a bearish stock market.
$1 = ¥6.28