China Metal Recycling (773 HK) recorded a net profit of HK$189 million for the first half, leaping 35.4 per cent compared with a year ago due to a higher-than-expected economic growth in the mainland. Earnings per share were 26.39 HK cents. No interim dividend was declared.
Utility: China Power International development (2380 HK) announced yesterday that its net profit rose to 152 million yuan for the first half, against a net loss of 249 million yuan last year. The company attributed the profit to the higher electricity prices in the mainland. Earnings per share were 4 fens. No interim dividend was declared.
Auto: Geely Automobile’s (175 HK) executive director Mr Lawrence Ang said Geely had never approached Magna International on the takeover of Opel. Yet, he explains that the trade suspension in the Hong Kong bourse is mainly due to the issue of its convertible bonds but not the matter of takeover.
Global Bio-Chem Technology (809 HK) reported a decline in its interim net loss to HK$91 million for the first time since its listing on the Hong Kong bourse, dragged down by the global economic downturn. Losses per share were 3.9 HK cents. No interim dividend was declared. Meanwhile, its subsidiary Global Sweeteners Holdings Limited (3889) recorded a 97 per cent plunge in its first-half net profit to HK$4 million due to the financial tsunami and milk scandal in the mainland.
Great Eagle (41 HK) chairman Mr. Ka Shui Lo M.D. said yesterday that Great Eagle is interested to list on the planned international board of the Shanghai bourse due to the higher valuation in A shares market. In addition, listing on the international board of the Shanghai bourse may help the company’s development and raise capital in the mainland, the chairman said.
Properties: Greentown China (3900 HK) recorded a net profit of 323 million yuan for the first half, sliding 5 per cent compared with a year ago. Earnings per share were 21 fens. An interim dividend of 9.6 HK cents per share was declared. Shimao Property (813 HK) recorded a rise in its net profit to 1.199 billion yuan for the first half, surging 30.5 per cent compared with a year ago. Earnings per share were 35.6 fens. An interim dividend of 10 HK cents per share was declared. The developer is confident of the mainland property market and plans to raise its sales target from 17 billion yuan to 20 billion yuan for 2009.
Hong Kong Exchanges and Clearing (388 HK) Limited’s subsidiary Hong Kong Securities Clearing Company Limited (HKSCC) and the National Depository Center (NDC) which is part of the MICEX Group, an exchange operator based in Russia, signed a Memorandum of Understanding on cooperation and the exchange of information. HKSCC Chief Executive Mr Greiner said the MOU helps HKSCC to collaborate with MICEX, strengthen relations between Hong Kong and Russian settlement institutions and promote the two markets’ healthy development.
K. Wah International (173 HK) posted a net profit of HK$155 million for the first half, sinking 38.2 per cent compared with a year ago. Earnings per share were 6.27 HK cents. An interim dividend of 1 HK cent per share was declared. Chairman Lui Che-woo said the group hopes to list on the Shanghai bourse in five to ten years. The company may raise the weighting of its mainland business, depending on the availability of opportunities.
Luen Thai (311 HK) announced yesterday that its net profit rose 5.29 per cent year-on-year to US$7.47 million for the first six months ended June 30 Earnings per share were 0.75 US cents. An interim dividend of 0.224 US cent per share was declared.
Pan Asia Environmental (566 H) Protection announced its net profit rose 56.5 per cent to 35.5 million yuan for the first six months ended June 30. Earnings per share were 4.44 fens. No interim dividend was declared.
Rumour has it that PCCW (8HK) plans to partner with Telkom, a South African phone company, to expand in Africa, Business Report said. It said that these two firms, which both have operations in Africa, hope to enter into a cooperation agreement similar to the one Telkom has with US firm AT&T. Telkom Chief Executive Reuben did not confirm or deny the talks while PCCW refused to comment.
Logistics: Sinolink Worldwide (1168 HK) posted a net profit of HK$498 million for the first half, rocketing 570 per cent compared with a year ago. Earnings per share were 15.16 HK cents. No interim dividend was declared. The company plans to bid 2 projects in shanghai and 1 project in Shenzhen in the near term and says it has no plan to issue bonds due to a higher cost. Transport International (62 HK) posted a 25 per cent drop in its net profit to HK$340 million for the first half, compared with a year ago on the decrease in its revenue generated from property sales. Earnings per share were 6 HK cents. An interim dividend of HK$0.3 per share was declared. Bus business contributed HK$310 million revenue to the company, which is 10.3 times more than the figure last year, due to the cut of oil price.
Wharf (4 HK) announced that it has succeeded in bidding for a site in Tianjin with China Merchants Property at a cost of 641 million yuan.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard