Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), Asia's biggest oil refiner, posted ¥1.23 trillion in revenues and ¥40.24 billion in net profits for 1H 2011, up 31.5% and 9.4% respectively from the same period a year ago. Its refining business lost ¥12.2 billion during this period due to rising oil prices and refinery production.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600), the nation's largest aluminum producer, posted ¥65.97 billion in revenues and ¥412.58 million net profits for 1H 2011, up 10.4% and down 22% year on year respectively. Rising electricity prices and the collapse of its alumina project in Australia were blamed for the decline in earnings.
Suntech Power Holdings Co (NYSE: STP), a leading Chinese solar panel maker, plans to invest ¥60 billion in Ordos, Inner Mongolia, building a 5GW photovoltaic plant over the next three to five years. The project is expected to create 30,000 local jobs.
Sohu.com Inc (NASDAQ: SOHU), a leading Chinese online media, search, gaming, community and mobile service group, said that its board of directors has authorized a combined share purchase program of up to $100 million of the outstanding American Depositary Shares of Changyou.com Limited (NASDAQ: CYOU), Sohu's online game subsidiary, and/or outstanding shares of common stock of Sohu over a one-year period from September 1, 2011 to August 31, 2012.
SAIC Motor Corp (SHA: 600104), China's biggest automaker, posted ¥183.88 billion in revenues and ¥8.58 billion in net profits for 1H 2011, up 24.6% and 46.1% year on year respectively. It sold 2.01 million vehicles during the period, up 12.9% from a year earlier.
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) posted ¥86.88 billion in revenues and ¥5.82 billion in net profits for 1H 2011, up 14.2% and 44.7% year on year respectively.
Hebei Iron & Steel Co (SHE: 000709) posted ¥68.59 billion in revenues and ¥803 million in net profits for 1H 2011, up 16.9% and 11.6% year on year respectively. Its steel output was down 3.7% to 12.45 million tons and iron output fell 1.6% to 12.54 million tons during the period.
Poly Real Estate Group Co (SHA: 600048) posted ¥15.2 billion in revenues and ¥2.8 billion in net profits in 1H 2011, up 35.1% and 71.7% year on year respectively. The developer sold 3.41 million m2 in floor space during the period, up 27.6% from a year earlier.
China State Construction Engineering Corporation (SHA: 601668) said it recently signed ¥41.89 billion of contracts. The amount was equivalent to 11.3% of its revenue in 2010.
$1 = ¥6.39
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