Angang Steel (347 HK) recorded net profit of 752 million yuan for the year 2009, down 75 per cent. Basic earnings per share amounted to 0.104 yuan. A final dividend of 0.06 yuan per share was declared. Turnover dropped 11 per cent to approximately 70 billion yuan. (Hong Kong Economic Journal P10)
Asian Citrus (73 HK) plans to place 68 million shares at a price of HK$5.7 per share to raise up to HK$388 million. Its substantial shareholder Huge Market Investments Ltd. will place 27 million existing shares at the same price for HK$154 million. The shares of the company resume trading today. (Hong Kong Economic Journal P11)
China Gas Holdings (384 HK) has made a request to cancel its offer to buy Zhongyu Gas Holdings Limited (8070) as the latter failed to publish its 2009 results announcement and the trading of its shares was suspended. China Gas Holdings’ shares was suspended trading on 16 April. The company has applied to resume trading this morning. (Hong Kong Economic Times A14)
China Mobile Ltd. (941 HK), the world’s biggest phone carrier by market value, posted weaker-than-expected earnings, which merely grew 1.1 per cent from the year-earlier quarter. But some analysts are still bullish on its shares. Credit Suisse maintained its rating as “outperform” and target price at HK$107. (Sing Tao Daily B2)
China Ocean Shipbuilding (651 HK) issued a profit warning after closing yesterday. The company expected to record a substantial loss for the year 2009, mainly attributed to factors such as impairment loss on goodwill and intangible asset. (Hong Kong Economic Journal P11)
CSCL (2866 HK) lost 6.489 billion yuan for the year 2009. No dividend was declared. The company said 2009 was a gloomy time for the shipping market. It made a net profit of 47.08 million yuan in 2008. (Hong Kong Economic Times A12)
China Shipping Development (1138 HK) posted a unaudited profit of 458 billion yuan for the three months ended 31 March this year, up 45 per cent compared with the same period last year, as interest expenses from related bank borrowings has be conducted as cost and new vessels were delivered. The information set out is accordance with the PRC accounting standards. (Sing Tao Daily B4)
Chu Kong Petroleum And Natural Gas Steel Pipe (1938 HK) said its capital expenditure this year will be 852 million yuan, among which 830 billion yuan will be used to add three production lines. In addition, the company has finished a trial production of a new type of pipe designed by itself for deep sea and will accept orders at the end of this year at soonest. (Sing Tao Daily B4)
Dongfang Electric Corporation (1072 HK) said thermal power orders may record decrease as the number of new projects are smaller this year, according to its CEO. But he added that the company would make up the loss through increasing wind power and nuclear power, as well as enlarging the overseas market. (Sing Tao Daily B4)
Emperor Capital Group (717 HK) said the unaudited interim results of the company for the six months ended 31 March are expected to record a significant profit as compared to a loss for the corresponding period in 2009, mainly helped by the improvement in business operations as a result of the recovery in the stock market activities. (Sing Tao Daily B4)
Jiangxi Copper (358 HK) saw net profit jump 3.6 times year-on-year to almost 700 million yuan for the first quarter of the year on rising sales prices and volumes. Operating income rose 60.9 per cent to 15.9 billion yuan while net cash flow from operating activities slumped 98.9 per cent. (Hong Kong Economic Times A14)
Shun Tak Holdings (242 HK) saw net profit climb 27 times to HK$2.874 billion for the year 2009. Core earnings rose 5.1 times to HK$1.193 billion. Basic earnings per share were HK$1.344, up 29.5 times. A final dividend of 18.7 HK cents per share was declared. (Hong Kong Economic Times A12)
Rainbow Brothers Holdings (33 HK), whose market share is only HK$320 million, has agreed to acquire 90 per cent stake in Market Speed Limited from Tong Nai Kan, for HK$3.24 billion. The deal will be paid through convertible bonds issued by the company. (Sing Tao Daily B3)
RUSAL (486 HK) said the company aims at lowering its debt and boost aluminium production capacity, according to its CEO. The company is seeking to raise $700 million to fund the construction of the first of two new smelter complexes, which could produces around 332,000 tonnes of aluminium, by September 2011. (Sing Tao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
