Aluminum Corporation of China (2600HK) has returned to the black with a third-quarter net profit of 32 million yuan, though diving 88 per cent from a year ago. Net loss for the first three quarters was 3.5 billion yuan, against a net profit of 2.57 billion yuan last year. Loss per share were 25.9 fens for the first three quarters. The company attributed the loss to the weak demand for aluminum products and excess production capacity.
Angang Steel’s (347 HK) third-quarter net profit was cut by 17 per cent to 1.89 billion yuan from a year earlier on lower demand.
Chongqing Iron & Steel (1053 HK) has posted a net profit of 37.1 million yuan for the third quarter, plummeting 99 per cent compared with a year ago, according to the PRC’s accounting standards. Net profit for the first nine months was 35 million yuan.
China Petroleum & Chemical Corp (Sinopec)’s (386 HK) spokesman Huang Wensheng said he is not aware of discussions with Ghana National Petroleum Corp. to jointly bid for the Jubilee offshore oil field. Sinopec had proposed forming a joint venture. Ghana National rejected the initial offer and is waiting to hear from other potential partners, the Wall Street Journal reported.
China Railway Construction Corp (1186 HK) has posted a net profit of 3.676 billion yuan in accordance with the PRC’s accounting standards for the first nine months, a 54.09 per cent surge compared with last year. Its third-quarter net profit jumped 69.03 per cent year-on-year to 1.455 billion yuan.
China Shenhua Energy (1088 HK) has posted a net profit of 26.03 billion yuan for the first three quarters ended September 30, climbing 15 per cent from a year earlier. Earnings per share were 1.309 yuan, a 14.6 per cent increase from last year. Its third-quarter profit was 8.74 billion yuan, rising 12 per cent year-on-year.
Listing candidate Cofco Corp (906 HK) will have its investor presentation today. The group plans to issue 200 million new shares to raise as much as HK$1.078 billion at a price between HK$3.85 to HK$5.39 per share, according to sources. The entry fee is HK$5444 with 1000 shares per lot.
Hutchison Whampoa (13 HK) plans to issue US$189.3 million notes which due in 2015 to swap notes with a maturity period within the coming two years. The deal involves US$120 million.
Mainland developer Longfor Group (960 HK) plans to issue 1 billion new shares for HK$7.8 billion. The group will have its investor presentation on November 2 and go public on November 19.
Maanshan Iron & Steel (323 HK) has recorded a net profit of 802 million yuan for the third quarter, edging up 2 per cent from a year ago. Earnings per share were 10.42 fens. Net profit for the first three quarters was 69.1 million yuan, diving 99.8 per cent year-on-year.
Ping An Insurance (2318 HK), China’s second-largest life insurer by premiums, announced yesterday that its net profit for the first three quarters was 8.375 billion yuan. Net profit for the third quarter was 3.153 billion yuan, against a loss of 7.877 billion yuan last year. Earnings per share were 0.43 yuan. Premium income for the first three quarters was 104.724 billion yuan, a 33.5 per cent year-on-year increase.
Shimao Property (813 HK) has announced that it has bought a land lot of 180,000 square metres in Hangzhou for 360 million yuan. Meanwhile, its subsidiary Shanghai Shimao has reached an agreement with Wuxi Communications to jointly develop a project in Wuxi. This project is worth 4.26 billion yuan.
Sino-Ocean Land (3377 HK) announced it has won a bid in Tianjin for 1.1 billion yuan. The mainland developer plans to develop the 130,400-square-meter land into luxury residences.
Yanzhou Coal Mining (1171 HK), the country’s biggest coal producer, has posted a third-quarter net profit of 1.12 billion yuan, diving 61 per cent compared with last year. Net profit for the first three quarters reached 3.02 billion yuan, plunging 55 per cent year-on-year as the coal prices dived amid financial crisis.
Zte Corporation (763 HK) has recorded a net profit of 480 million yuan for the third quarter, surging 58 per cent from a year earlier. Earnings per share were 0.23 yuan. Net profit for the first three quarters was 1.192 billion yuan, soaring 46 per cent from a year ago.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
