Profit at China's major state companies down 30 percent last yearSeptember 20th, 2009 China: Profit at state companies down last yearBEIJING — Profit at China's top state-owned companies fell 30 percent last year, hurt by the global financial crisis, but assets have increased. The 141 banks, airlines, oil producers and other companies controlled by the central government reported net profit of 696.18 billion yuan ($102 billion) last year, down 30.8 percent from the previous year, the official Xinhua News Agency said Sunday.
China Unicom, Spain's Telefonica expand alliance with $1 billion share exchangeSeptember 7th, 2009 China Unicom, Spain's Telefonica expand allianceBEIJING — Spanish phone company Telefonica SA and China Unicom Ltd., one of China's three main state-owned carriers, say they will expand a strategic alliance and buy $1 billion worth of each other's shares. The companies said they will cooperate in development of technology for mobile phones, providing services to multinational customers and other areas under the agreement signed Sunday.
China Mobile says first-half profit up but growth slows amid competition, economic slumpAugust 20th, 2009 China Mobile first-half profit up 1.4 percentBEIJING — China Mobile Ltd., the world's biggest phone company by subscribers, said Thursday its first-half profit rose just 1.4 percent from a year earlier as growth slowed due to competition and an economic slump. Profit for the six months ending June 30 was 55.3 billion yuan ($8.1 billion), the Beijing-based carrier said.
Jinpan International says 2Q profit rose 44 percent, but shares fall on weak outlookAugust 14th, 2009 Jinpan 2Q profit up 44 percent; shares fallJinpan International Ltd., which makes cast resin transformers for power distribution, said on Friday that its second-quarter profit jumped 44 percent as raw material prices fell and it benefited from an influx of high-end orders. But its shares fell sharply as it predicted that earnings growth would slow.
Profit at China's major state companies down 26.2 percent in first half but decline easingJuly 21st, 2009 China says profit at state companies downBEIJING — Profit at China's top state-owned companies fell 26.2 percent in the first half of the year but the decline is easing amid massive government stimulus spending, a state news agency reported Tuesday. The 136 banks, airlines, oil producers and other companies controlled by the central government reported total profit of 316 billion yuan ($46 billion) from January to June, the Xinhua News Agency said, citing the director of Cabinet's State-owned Assets Supervision and Administration Commission.
Air China forecasts 50 percent first-half profit rise, rebounding from 2008 lossJuly 15th, 2009 Air China forecasts 50 percent profit riseBEIJING — Air China Ltd., one of China's three major state-owned carriers, said Wednesday it expects first-half profits to rise at least 50 percent from a year earlier as it recovers from a huge 2008 loss. The Beijing-based airline said its first-half 2008 profit was 1.3 billion yuan under Chinese accounting standards, which would make its profit from January to June this year at least 1.9 billion yuan ($284 million).
China Eastern Airlines to acquire smaller carrier in step to strengthen competitivenessJuly 13th, 2009 China Eastern Airlines to acquire local rivalBEIJING — China Eastern Airlines Corp., one of China's three major state-owned carriers, will acquire a local rival, the companies announced Monday, as money-losing China Eastern tries to boost its competitiveness. China Eastern, based in Shanghai, will acquire Shanghai Airlines Co.
Chinese telecom regulators intensify crackdown on spamsJune 13th, 2009 BEIJING - In the wake of Chinese mobile users complaining that they are getting up to 641 million junk texts a day, Chinese telecom regulators have intensified their crackdown on spam short messages. Country's three main mobile network operators, China Mobile, China Telecom and China Unicom have joined the regulators in their anti-spam fight by signing an agreement to deal with inter-network spam messages, the China Daily reports.
China Eastern Airlines says 1Q net profit down 81 percentApril 28th, 2009 China Eastern Airlines: 1Q net profit down 81 pctSHANGHAI — China Eastern Airlines said Tuesday that its net profit fell 81 percent in the first quarter from the same period a year earlier as passenger traffic fell amid the economic slowdown. The 40.1 million yuan ($5.9 million) net profit in January-March compared with 210.8 million yuan earnings in the first quarter of 2008.
China Southern Airlines says 1Q profit down 71 percent as travel demand weakensApril 28th, 2009 China Southern Airlines 1Q profit down 71 percentBEIJING — China Southern Airlines Ltd., one of China's three major state-owned carriers, said Tuesday its profit fell 71 percent in the first quarter from a year earlier amid a slump in traffic. Profit for the three months ending March 31 was 222 million yuan ($32.4 million) or 0.03 yuan per share, the carrier said.
China Construction Bank says 1Q profit down 18 percent on lower interest; fee income risesApril 25th, 2009 China Construction Bank 1Q profit down 18 percentBEIJING — China Construction Bank Ltd., the country's second-biggest commercial lender by assets, said Saturday its first quarter profit fell 18 percent as interest rate cuts by China's central bank hurt revenues. Profit for the three months ending March 31 was 26.3 billion yuan ($3.8 billion), or 0.11 yuan per share, the Beijing-based lender said.
China Life says 1Q profit up 55 percent as income from surging Chinese stocks jumpsApril 24th, 2009 China Life says 1Q profit up 55 percentBEIJING — China Life Insurance Ltd., the country's biggest insurer by premiums, said Friday its first quarter profit surged 55 percent as a rally on China's stock market drove up investment income. Profit rose to 5.4 billion yuan ($788 million) or 0.19 yuan per share for the three months ending March 31, the Beijing-based insurer said.
Yum Brands says 1Q profit falls 14 percent mainly on stronger dollarApril 22nd, 2009 Yum Brands 1Q profit down 14 pctLOUISVILLE, Ky. — Restaurant operator Yum Brands Inc.
China Telecom 1Q profit down 27.4 percent as demand for fixed-line service dropsApril 20th, 2009 China Telecom 1Q profit down 27.4 percentBEIJING — China Telecom Ltd. said Monday its first quarter profit plunged 27.4 percent as demand for traditional fixed-line telephone services weakened.
China Mobile 1Q profit up 5.2 percent but growth slows amid financial crisis, competitionApril 20th, 2009 China Mobile quarterly profit up 5.2 percentBEIJING — China Mobile Ltd., the world's biggest phone company by subscribers, said Monday its first quarter profit rose 5.2 percent but growth slowed due to China's economic slowdown and stronger competition. Profit for the three months ended March 31 was 25.2 billion yuan ($3.7 billion), compared with 24 billion yuan for the same period last year, the Beijing-based company said.
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