PetroChina, Sinopec Post ¥163b in Combined Profit
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation's biggest oil producer, said Q1-Q3 net profits rose 3.5% year on year to ¥103.44 billion as increased crude oil prices drove up revenue, which was up 41% year on year to ¥1.48 trillion. In comparison, Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's biggest oil refiner, said Q1-Q3 net profits edged up just half a percentage point to ¥59.96 billion as increased crude oil prices dented profitability despite its ¥1.88 trillion in revenues outperforming PetroChina's.
Unicom Profit Flat
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said Q1-Q3 net profits remained largely unchanged at ¥4.26 billion compared to a year earlier as increased expenses improving its 3G services offset revenue growth which was up 23.5% year on year to ¥155.92 billion between January and September. Average revenue per user rose 9% to ¥47.4 over the period. Revenue from 3G services added up to ¥22.19 billion, accounting for 29.2% of total revenue, up significantly from 12% a year earlier. It attracted 16.17 million 3G service users in the first three quarters, taking the total number to 30.23 million as of the end of September.
Baidu Q3 Profit Up 80% on Rising Ad Income
Baidu Inc (NASDAQ: BIDU), China's most used search engine and biggest Internet company by market value, said Q3 net profit jumped 79.8% year on year to ¥1.88 billion as revenue from search engine advertising soared amid increased online ad spending in the country. Revenue was up 85.1% from a year earlier to ¥4.18 billion over the quarter.
Life Insurance Profit Shrinks
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628) said Q1-Q3 net profits shrank 33% from a year earlier, to ¥16.72 billion, due to losses from securities trading investments and slowed growth in premium incomes. Premium incomes grew 2.6% year on year to ¥264.2 billion over the period; far slower than 15.9% a year earlier.
Southern Airlines Profit Up 3%
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, posted ¥27.27 billion in revenues and ¥3.13 billion in net profits during Q3 2011, up 17.8% and 3% respectively from a year earlier. During the first three quarters, revenue was up 20.5% to ¥69.69 billion and net profit was up 15% to ¥5.89 billion.
Giant Interactive Seeks Operators Overseas
Giant Interactive Group Inc (NYSE: GA), a Chinese online game developer and operator, said it had set up an offshore operations center to find overseas operators for its games.
Zijin Mining Profit Up 28%
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, said Q3 net profit climbed 27.8% year on year to ¥1.37 billion thanks to increased prices of its major products.
ICBC on Track to ¥200b in Full Year Profit
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) said Q1-Q3 net profits rose 28.3% year on year to ¥164 billion, putting its full-year profit on course to break the ¥200 billion mark. Its capital adequacy ratio was 10.03% as of the end of September.
Cosco Posts ¥4.8b Loss
China Cosco Holdings Ltd (SHA: 601919, HKG: 1919) posted ¥2.07 billion in net losses for Q3 2011 and ¥4.78 billion in net losses for the first three quarters as rates for transporting commodities plunged and the international dry-bulk shipping market was hit hard.
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