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Eastern Airlines Forecasts 50% Drop in 1H Profit
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second biggest carrier by passenger traffic, said it expects its 1H net profit to plunge 50% due to weak global demand for air services, rising aviation fuel and losses from foreign exchange exposure.
Sinopec's Shengli Oilfield 1H Output Up 1%
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said Shengli oilfield, its largest oilfield, rolled out 13.69 million tons of crude oil, or 551,000 barrels per day, in 1H 2012, up 0.9% from 1H 2011. The company said it expected Shengli's annual capacity to reach 27.5 million tons by the end of this year and 28.4 million tons by the end of 2015.
Ping An Premium Incomes Exceed ¥127b in 1H
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium incomes added up to ¥127.65 billion in 1H 2012, including ¥75.37 billion from life and casualty insurance and ¥48.75 billion from property insurance. No comparisons were made with historic figures.
ZTE Forecasts 60-80% Slump in 1H Profit
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said it expected its 1H net profit to fall 60% to 80% to between ¥154 million and ¥308 million in 1H 2012 due to dwindling investment returns and losses from foreign exchange exposure. It posted ¥151 million in earnings in Q1 2012, up 18.5% year on year.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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