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Sinopec Partners with Orka for Geothermal Energy
Sinopec Group, China's largest oil refiner and the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), signed a deal with Iceland's Orka Energy Ltd to cooperate in geothermal resources. Sinopec said their joint venture, Shaanxi Green Energy Geothermal Development Co, will expand geothermal energy heating to at least 100 million m2 of housing space by 2020 in China. China is stepping up developing geothermal energy to heat homes and generate electricity.
Yancoal Q1 Net Profit Falls 12%
Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's fourth biggest coal producer, posted ¥14.4 billion in revenues and ¥2.19 billion in net profits for Q1 2012, up 54.1% and down 11.5% respectively from the same period a year ago. Higher sourcing and sales expenses were blamed for the decline in earnings.
Embraer Signs $2.5b Deal with ICBC
Brazilian plane maker Embraer SA (NYSE: ERJ) signed a memorandum of understanding with China's ICBC Financial Leasing Co, where ICBC Financial Leasing will provide up to $2.5 billion in financing for planes over five years in one of Embraer's most promising markets, Reuters reported. Embraer expects demand for 430 commercial jets of 120 seats and 635 executive jets in the next 10 years in China. ICBC Financial Leasing is a wholly-owned subsidiary of Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), and has more than 70 jets in its portfolio and plans to expand that to 250 by 2014.
Renault, Dongfeng to Build JV Plant
Renault SA has signed a framework deal with China's Dongfeng Motor Group (HKG: 0489) to build a joint venture plant capable of producing 200,000 to 300,000 vehicles per year, Renault China president Katsumi Nakamura said, without revealing when the new plant will begin production.
Alibaba Q1 Net Profit Slips 25%
Alibaba.com Ltd (HKG: 1688), China's top e-commerce site, posted ¥1.59 billion in revenues and ¥339 million in net profits for Q1 2012, up 3.7% and down 25% respectively from the same period a year ago. A change in membership fees caused the decline in membership and therefore earnings, the company said. Alibaba had 753,955 paying Chinese and international customers as of the end of March, down 1.5% from the end of 2011.
Vanke Q1 Net Profit Rises 16%
China Vanke Co (SHE: 000002), the nation's biggest property developer, posted ¥10.35 billion in revenues and ¥1.4 billion in net profits for Q1 2012, up 29.8% and 15.8% respectively from the same period a year ago. It sold over three million m2 in floor space valued at ¥31.07 billion during the quarter. Price per m2 averaged ¥10,326/m2, down 11.7% from Q1 2011.
Yili Q1 Net Profit Surges 183%
Inner Mongolia Yili Industrial Group Co (SHA: 600887), a leading dairy maker, posted ¥10.26 billion in revenues and ¥411 million in net profits for Q1 2012, up 13% and 183.4% respectively from the same period a year ago. Higher prices and strong sales were attributed to the sharp increase in earnings.
Shandong Gold Q1 Net Profit Rises 39%
Shandong Gold Mining Co (SHA: 600547), a leading Chinese gold producers, posted ¥12.9 billion in revenues and ¥617 million in net profits for Q1 2012, up 63.2% and 39.2% respectively from the same period a year ago. Higher output and more effective cost control were attributed to the stronger performance.
$1 = ¥6.3
@2011 China Economy @ The China Perspective.
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