Profit at China’s major state companies down 30 percent last year

August 28th, 2009 Lukoil's Q2 net profit down 44 percentMOSCOW — Lukoil, Russia's largest private oil company, on Friday posted a 44 percent drop in net profit for the second quarter due to lower oil prices, but still beat analyst expectations. Net income fell to $2.3 billion from $4.1 billion a year earlier, the company said in a statement.

August 26th, 2009 CNOOC says 1H profit down 55 pct on lower pricesSHANGHAI — CNOOC Ltd., China's third-largest oil and gas producer, said Wednesday its first-half profit sank 55 percent on sharply lower oil prices but it forecast better results as the economy recovers. Profit fell to 12.4 billion yuan ($1.8 billion), or 0.28 yuan per share, compared with 27.5 billion yuan in the first half of 2008, the Beijing-based company said.

July 23rd, 2009 BANGALORE - Biotech major Biocon has posted a net profit of Rs.47.6 crore for the first quarter this fiscal, registering a 59 percent year-on-year (YoY), the company said Thursday. Total income for the quarter under review, however, grew only nine percent YoY to Rs.259 crore from Rs.237 crore in the like period a year ago, the company said in a regulatory filing.

July 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.

July 18th, 2009 KOLKATA - State-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday. The net profit was up by 224 percent due to higher investment trading profit of Rs.214 crore, up from Rs.32.2 crore a year ago.

June 4th, 2009 NEW DELHI - India's hospitality sector has witnessed a fall of 64 percent in profit in the January-March quarter this year, thanks to the economic slowdown, an industry lobby report said here Thursday. "While on the one hand the inflow of foreign tourists came down sharply and the room rates contracted, on the other hand there was a rise in expenses," the report by the Associated Chamber of Commerce and Industry (Assocham) said.

May 29th, 2009 NEW DELHI - State-run oil marketing company Indian Oil Corp (IOC) Friday recorded a 57 percent fall in its net profit for 2008-09 from the year before. The company said in a statement that its annual profit stood at Rs.2,949 crore as against Rs.6,962 crore recorded in 2007-08.

April 28th, 2009 BANGALORE - Biotechnology major Biocon Tuesday announced a decrease of over 61 percent in its net profit for the quarter ending March 31. In a regulatory statement, Biocon said its unaudited net profit for the last quarter was Rs.241.4 million, compared to Rs.620.3 million - a decrease of over 61 percent.

April 27th, 2009 Chinese bank ICBC says 1Q profit up 6 percentBEIJING — Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender by assets, said Monday its quarterly profit rose 6 percent from a year earlier despite a double-digit fall in interest income. Profit for the three months ending March 31 was 35.1 billion yuan ($5.1 billion), or 0.11 yuan per share, the Beijing-based lender said.

April 25th, 2009 Profit at top Chinese state firms down 42 percentBEIJING — Total profit at China's top state-owned companies fell 42 percent in the first quarter but the rate of decline slowed due to government stimulus spending, a state news agency said Saturday. Profit for the 138 companies controlled by the central government was 119.5 billion yuan ($17.4 billion) for the three months ending March 31, the Xinhua News Agency said, citing the state-owned Assets Supervision and Administration Commission.

April 4th, 2009 RANCHI - State-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal. 'During 2008-09, the company has posted a profit of Rs.16.11 crore, compared to Rs.4.17 crore in 2007-08,' HEC Chairman-cum-Managing Director G.K.

March 28th, 2009 NEW DELHI - Almost 10 percent of the government's tax receipts come from just 41 companies, a survey has revealed. The report was released here Saturday.

January 28th, 2009 NEW DELHI - Auto major Maruti Suzuki Thursday reported 54.2 percent year-on-year dip in its net profit for the quarter ended Dec 31. The company posted net profit of Rs.2.13 billion (Rs.213.57 crore/$47.46 million) for the October-December period, down from Rs.4.67 billion a year ago.

January 27th, 2009 NEW DELHI - State-run upstream major Oil and Natural Gas Corp Wednesday reported 43.3 percent dip in its net profit for the quarter ended Dec 31, owing to low crude prices. The company's net profit for the third quarter fell to Rs.24.75 billion (Rs.2,475 crore/$506 million) from Rs.43.7 billion a year ago.

January 21st, 2009 NEW DELHI - Telecom major Idea Cellular's net profit for the quarter ended Dec 31 zoomed 19.8 percent to Rs.2.84 billion (Rs.284 crore), compared to Rs.2.37 billion a year ago, an official statement said Thursday. The total income too surged 52.3 percent to Rs.26.06 billion during the third quarter as against Rs.17.1 billion in the year-ago period, the company said.