Yancoal Australia 1H Profit Up 66%
Yancoal Australia, a subsidiary of Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's fourth biggest coal producer, said its 1H net profit surged 66% year on year to $434.3 million after sales volume jumped 15% to 8.11 million tons over the same period. However, the company cast some shadow over its outlook for 2H and said it would therefore reassess expansion plans proposed earlier this year.
Rongsheng Heavy Industry to Halt Bid for Anhui Engine Maker
China Rongsheng Heavy Industry Group Holdings Ltd (HKG: 1101) said it has decided to withdraw its $336 million bid to buy a Chinese diesel engine maker because of adverse market conditions, the Wall Street Journal reported. The shipbuilder said worsening global economic conditions as a result of the eurozone's debt woes made it decide to withdraw a bid to buy Anhui Quanchai Group Corp from the local government of Anhui province's Quanjiao County. Anhui Quanchai Engine Co (SHA: 600218) is listed on the Shanghai Stock Exchange.
Lower Prices, Higher Costs Dent Baotou Rare Earth 1H Earnings
Inner Mongolia Baotou Steel Rare Earth Group Co (SHA: 600111), China's largest rare earth producer, said its 1H net profit dropped 20.6% year on year to ¥1.57 billion as rare earth prices fell while operating costs rose. Revenue was up 5.3% to ¥6.3 billion between January and June.
Pacific Insurance 1H Profit Sinks 55%
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said its 1H net profit plunged 55% year on year to ¥2.64 billion as a result of slower growth in premium incomes, increased compensations and a bearish capital market. Revenue was up 4.2% to ¥90.51 billion, where premium incomes from life and casualty insurance gained just 1.2%.
$1 = ¥6.35