CNOOC Diversifies Output Lifting
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy explorer, is considering developing unconventional resources like shale gas and purchasing overseas assets to meet its 2.7% production increase target for 2012. It said it will begin digging four new blocks off China's coast this year. CNOOC's net profit rose 29.1% to a record ¥70.26 billion in 2011, beating estimates.
SMI Partners with IBM for Nanotech
China-based Semiconductor Manufacturing International Corp (NYSE: SMI, HKG: 0981) said it has sealed a deal with International Business Machines Corp (NYSE: IBM) to cooperate in the development of compatible nanotechnologies. No financial details were disclosed. SMI said the plan will help it reduce the risks and duration of developing the technologies.
ZTE Net Profit Slumps 37% on Higher Marketing and Research Costs
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, posted ¥86.25 billion in revenues and ¥2.06 billion in net profits for 2011, up 23.4% and down 36.6% respectively from the year before. Soaring research and marketing expenses were blamed for the decline in earnings. ZTE took 54.2% of its revenues from overseas last year.
Commissions Back BoComm Earnings
Bank of Communications Co (SHA: 601328, HKG: 3328), China's fifth largest lender, said its net profit grew 30% to ¥50.74 billion in 2011 thanks to its intermediary business, which drove up net commissions by 35% to ¥19.55 billion. The bank said it does not have equity financing plans in the next three to four years. Its capital adequacy ratio was 12.44% as of the end of last year.
Evergrande Net Profit Up 50%
Evergrande Real Estate Group Ltd (HKG: 3333) posted ¥61.92 billion in revenues and ¥11.38 billion in net profits for 2011, up 35.2% and 49.9% respectively from the year before. The developer had 137 million m2 in land reserves and 36.52 million m2 of floor space under construction as of the end of last year. Evergrande aims to sell ¥80 billion worth of properties this year.
China Shipping Posts Less Earnings Amid Dire Conditions
China Shipping Container Lines Co (HKG: 2866) said its net profit fell substantially from ¥4.2 billion in 2010 to ¥2.74 billion last year amid higher fuel costs and excess shipping capacity. Its revenue decreased 19% to ¥28.25 billion last year.
$1 = ¥6.3