China Corporate News: WSP Recovers Losses; Nanning Sugar Earnings Plunge 53%

WSP Recovers Losses in 2011
WSP Holdings Ltd (NYSE: WH), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casings, tubing and drill pipes used in oil and natural gas exploration, posted $686.1 million in revenues and $68.5 million in net losses for 2011, compared with $470.5 million in revenues and $118.8 million in losses the previous year. A marginal increase in domestic sales was credited for the smaller loss.

Nanning Sugar Earnings Plunge 53%
Nanning Sugar Industry Co (SHE: 000911), China's largest listed state-owned sugar maker, posted ¥4.22 billion in revenues and ¥86.08 million in net profits for 2011, up 9% and down 53.2% respectively from the year before. A sharp decrease in sugar prices in November and December and a falling papermaking business due to rising raw material costs were blamed for the decline in earnings.

Sinohydro Net Profit Up 24%
Sinohydro Group Ltd (SHA: 601669), a leading Chinese hydropower plant contractor and the biggest mainland IPO in 2011, posted ¥113.47 billion in revenues and ¥3.62 billion in net profits for 2011, up 11.8% and 24.3% respectively from the year before.

State Construction Net Profit Up 46%
China State Construction Engineering Corp (SHA: 601668) posted ¥482.84 billion in revenues and ¥13.54 billion in net profits for 2011, up 30.3% and 46.5% respectively from the year before. Its property division sold seven million m2 in floor space valued at ¥89.1 billion last year, up 7.5% and 33.2% respectively from 2010.

CNR Seals ¥3.4b Deals
China CNR Corp (SHA: 601299), one of the nation's two railway equipment manufacturers, said it signed ¥3.42 billion worth of contracts recently. The amount is equivalent to 3.82% of its revenue in 2011.

People.cn IPO Raises 3 Times More Than Planned
People.cn, the website of the People's Daily, a newspaper run by China's Communist Party, said its initial public offering in Shanghai raised ¥527 million, nearly triple the amount it had planned. The money will be used to develop and offer mobile services.

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