Bank of China (3988.HK) posted a first-quarter net profit of $3.84 billion, up 41.2% year-on-year, on the back of aggressive lending. Bank of China’s (601988.SS) loan book expanded by 8.2% during the quarter as Chinese banks extended $380.8 billion in new loans, boosting outstanding loans by 24%. Following the massive $1.4 trillion in new loans [...]
Online game operator NetEase reported higher-than-expected fourth-quarter revenues and profits on strong results from its online advertising business. Net revenue in the fourth quarter was $183.1 million, up from $116 million in the fourth quarter of 2008. Fourth-quarter profits fell slightly year-on-year, to $83.8 million from $84.4 million. While online gaming remains the main focus [...]
Wuhan-based China Automotive Systems, which makes power steering system components, announced yesterday that third-quarter profits rose dramatically on a boost in sales of components for passenger vehicles. The company said that it earned US$8.6 million, or 28 cents per share, up from US$2.8 million a year earlier. Revenues rose 75% year-on-year to US$64.7 million. The [...]
State-owned enterprises (SOEs) were able to increase profits last month due to Beijing’s economic stimulus package, a top official said at a round-table at the Boao Forum. According to Li Rongrong, chairman of the State-owned Assets Supervision and Administration Commission (SASAC) said 170 SOEs increased their profits by 26% year-on-year. Earnings were also 86% higher [...]
Analysts expect China’s banks’ profitability to suffer from a government cuts to interest rates introduced earlier this week and down payment requirements for mortgages, as they face a narrowing interest spread. “The impact of an interest income cut is more direct and swift to banks,” said Li Shanshan, a China Merchants Securities analyst. Securities research [...]
China Construction Bank (CCB), the country’s largest mortgage lender, recorded 13% profit growth in the third quarter, down from the 71% growth posted in the first half of the year. CCB’s profits in the first nine months of 2008 were up 48.07% from the same period in 2007. The bank put its growth down to [...]
China’s new limits on mainlander visits to Macau have contributed to a drop in profits at the Wynn Macau, a major resort and casino. Preliminary results released by the company show a drop of at least 38.8% in the third quarter from the previous three months. Wynn Resorts estimated operating income at its Macau property [...]
