Focus Media Q1 Net Profit Surges 85%
Focus Media Holding Ltd (Nasdaq: FMCN), a Chinese digital advertising company, posted $199.6 million in revenues and $37.9 million in net profits for Q1 2012. Profits were up 85% from the same period a year earlier thanks to increased online and shopping mall ads; no comparison with historic data was made for revenue.
PetroChina Steps Up Production in Gansu
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said it plans to increase its annual output in Gansu province to an equivalent of 8.5 million tons of oil by the end of 2015. The length of its pipelines in the province will be extended by 8,000km to 12,000km in the next four years.
Lenovo Plans Brazil Expansion
Lenovo Group Ltd (HKG: 0992), China's largest personal computer maker, is keen on acquisitions in Brazil as the Chinese personal computer maker looks to boost its market share in key emerging markets other than China, the Wall Street Journal reported. Lenovo also is evaluating a plan to set up a manufacturing base in Brazil so that it can produce PCs locally and avoid high import tariffs, said Milko Van Duijl, the company's president of Asia-Pacific and Latin America.
Ping An to Offer ¥26b Bonds
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said it will issue ¥26 billion worth of subordinated convertible bonds in Shanghai to replenish capital, fund expansion plans and shore up solvency.
$1 = ¥6.32