Beijing Enterprises (393 HK) announced yesterday that its net profit surged 11.3 per cent year-on-year to HK$1.42 billion for the first half on higher income from gas and beer sales. Earnings per share were HK$1.25. An interim dividend of 20 HK cents per share was declared.
Airlines: Cathay Pacific (293 HK) plans to sell 12.45 per cent stake in Hong Kong Aircraft Engineering Company (0044) at HK$91.83 per share, a 1.58 per cent discount to yesterday’s closing price of HK$93.30. Cathay Pacific said the deal can boost its cash preservation during the downturn and help to maintain a healthy level of its assets and liabilities. It expects to raise HK$1.9 billion and gain a profit of HK$1.271 billion from the sales.
Resources: China National Materials (Sinoma) recorded a net of 308.88 million yuan for the first half, edging up only 1.46 per cent compared with a year ago on a drop in overseas demand for glass-fiber. Earnings per share were 0.086 yuan. No interim dividend was declared. Sinoma expects its export sector to rebound in the second half and plans to increase its overseas market shares from 34 per cent to 50 per cent. China Nickel Resources (2889 HK) Holdings plans to acquire the Lianyun Port iron gold project for 196 million yuan. The 1,080,000-square-meter project is still constructing and is expected to produce 1 million tones nickel-iron products upon completion. CNPC (Hong Kong) (135 HK) has reached an agreement with China Petroleum Pipeline Bureau to acquire its 49 per cent stake in China Oil and Gas Co for HK$695 million.
Properties: China Overseas Land & Investment (688 HK) confirmed yesterday that it has bought 157 million shares or a 29.99 per cent stake in Shell Electric Mfg (Holdings) Co. (0081) for HK$450 million. The deal costs HK$2.90 per share, a 23 per cent discount to their last traded price of HK$3.75. Shell Electric, a fan and electric appliance maker, owns 70 per cent of China Everbright Real Estate Development Ltd., which holds and developes property projects in major China cities including Guangzhou, Beijing and Shanghai. Midland (1200 HK) recorded a net profit of HK$278 million for the first half, surging 73 per cent from a year earlier. The company attributed the gain to the recovering property market. Earnings per share were 37.62 HK cents. An interim dividend of 17.6 HK cents per share and a special cash bonus of 20 HK cents per share were declared. Shui On Construction (983 HK) and Materials reported yesterday that its first-half net profit dives 10 per cent to HK$787 million, compared with a year ago. The company generated HK$648 million from the privatization of its china central properties. Earnings per share were HK$2.36. An interim dividend of 10 HK cents per share were declared, a 50 per cent cut in the dividend last year. The company plans to spin-off its cement business as it contributes HK$171 million profit to the company. Sun Hung Kai Property (16 HK) said it currently has a land reserve of 9.7 million square metres, the lowest level within these eighteen years. SHKP said it would replenish its land bank in Hong Kong through converting farmland into residential land while buying land in major cities in mainland, such as Beijing, Shanghai, Guangzhou and Shenzhen for high ordered residential projects.
Auto: Shares of Geely Automobile (175 HK) Holdings were suspended from trading in Hong Kong after it announced that it plans to issue convertible bonds and warrants. The company gave no further details on the issue, according to Bloomberg.
Heng Xin China (8046) reported yesterday that its net profit returns to the black for the first half to HK$111 million, compared with a loss a year ago. Sales revenue surged 9.34 times to HK$339 million. Earnings per share were 11.28 HK cents. No interim dividend was declared. The company proposes that no interim dividend will be declared in the coming two years in order to keep cash flow for its short-term development.
Sinomedia (623 HK) announced yesterday that its net profit dived 72 per cent to 12 million yuan for the first half, compared with a year ago. Earnings per share were 2.2 fen. No interim dividend was declared.
Synergis Holdings (2340 HK) said it will focus on asset management in the mainland because of a higher profit margin. The company is eyeing a project in Tianjin and expects to get the bid by year end. It is also seeking for new projects in Shanghai, Beijing and Shenyang in the mainland.
Win Hanverky Holdings (3322 HK) Limited recorded a net profit of HK$92.661 million for the first half, down 9.8 per cent compared with a year ago. Earnings per share were 7.3 HK cents. An interim dividend of 2.5 HK cents per share was declared.
Xinao Gas Holdings (2688 HK) Limited posted a net profit of 374 million yuan for the first half, surging 30.8 per cent compared with a year ago. Earnings per share were 0.369 yuan. No interim dividend was declared.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard