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Hong Kong stocks close 0.69% higher

March 27, 2013 05:15
Hong Kong stocks rose 0.69 percent on Wednesday, in line with a regional rally following another record for the Dow Jones index on Wall Street. The benchmark Hang Seng Index added 153.74 points to 22,464.82 on turnover of HK$63.36 billion ($8.18 billion), with buying sentiment also supported by strong corporate results. "The market may have a little bit more upside in the short run underpinned by quarter-end window dressing and a raft of mostly solid corporate earnings," Prudential Brokerage associate director Alvin Cheung told Dow Jones Newswires.

Hong Kong's Hutchison Whampoa 2012 profit falls 53%

March 26, 2013 08:00
Hong Kong tycoon Li Ka-shing's Hutchison Whampoa said Tuesday net profit plunged 53 percent in 2012 because of one-off gains the previous year, but income rose on growth in the property sector. The port-to-telecoms conglomerate said net profit was HK$26.13 billion ($3.37 billion) in the year to December 31, from HK$56.02 billion in 2011. The 2011 figure was lifted by a huge one-off gain from the sale of port assets. The group's 2012 total revenue grew 4 percent to HK$398.39 billion, driven by a 16 percent increase in income at its property and hotels divisions.

China banks report slower profit growth in 2012

March 26, 2013 07:16
Two of China's biggest banks recorded weaker profit growth last year, according to annual reports released Tuesday, as a slowdown in the world's second largest economy hit loan demand. Bank of China (BOC) said its net profit rose 12.2 percent from a year earlier -- the slowest pace since 2006 -- to 139.4 billion yuan ($22.4 billion) in 2012, according to a statement. The bank's net interest income -- its main source of profit -- climbed 12.7 percent on-year to 257.0 billion yuan. Net interest income measures interest earned minus interest paid.

Hong Kong stocks close up 0.27%

March 26, 2013 06:15
Hong Kong stocks bounced back from earlier losses Tuesday to end 0.27 percent higher, as traders shrugged off fears that the Cyprus bailout deal could be a template for future eurozone bank rescues. The benchmark Hang Seng Index added 59.93 points to 22,311.08 on turnover of HK$64.1 billion ($8.26 billion). Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers, sowed panic on regional markets after he said the cost of bank recapitalisations should not fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders.

Hutchison Whampoa reports 53 pct net profit fall in 2012

March 26, 2013 06:15
Hong Kong tycoon Li Ka-shing's Hutchison Whampoa said Tuesday net profit plunged 53 percent in 2012 because of one-off gains in the previous year, but income rose on growth in the property sector. The port-to-telecoms conglomerate said net profit was HK$26.13 billion ($3.37 billion) in the year to December 31, from HK$56.02 billion in 2011. The 2011 figure was lifted by a huge one-off gain from the sale of port assets. The group's 2012 total revenue grew 4 percent to HK$398.39 billion, driven by a 16 percent increase in income at its property and hotels divisions.

Hong Kong stocks close up 0.27%

March 26, 2013 04:46
Hong Kong stocks came back from earlier losses Tuesday to end 0.27 percent higher, as traders shrugged off fears that the Cyprus bailout deal could be a template for future eurozone bank rescues. The benchmark Hang Seng Index added 59.93 points to 22,311.08 on turnover of HK$64.1 billion ($8.26 billion). Chinese shares ended down 1.25 percent. The benchmark Shanghai Composite Index fell 29.05 points to 2,297.67 on turnover of 91.8 billion yuan ($14.8 billion). ac/pdh

China's Sinopec says net profit down 12.8% for 2012

March 24, 2013 16:31
Chinese oil giant Sinopec's annual net profit for 2012 fell 12.8 year-on-year, the firm said, with high crude-oil costs and a slowdown in the global and Chinese economy weighing on its bottom line. Asia's largest refiner by capacity said in a filing late Sunday to the Hong Kong stock exchange that its net profit for the year fell to 63.88 billion yuan ($10.3 billion) from 73.23 billion yuan in 2011.

Sinopec in JV to buy $3 billion of assets from parent

March 24, 2013 12:30
HONG KONG (Reuters) - China Petroleum and Chemical Corp (Sinopec Corp) <0386.HK> <600028.SS> <SNP.N> has agreed to set up a joint venture with its parent company to buy $3 billion (2 billion pounds) worth of oil and gas assets held by the latter in a bid to improve its profitability. The 50/50 venture between a wholly-owned subsidiary of Sinopec Corp and Sinopec Corp's parent, China Petrochemical Corp (Sinopec Group), will buy oil and gas producing assets with 310 million barrels in proven and probable reserves.

Hong Kong stocks close 0.50% lower

March 22, 2013 05:45
Hong Kong shares fell 0.50 percent Friday on fears about the growing crisis in Cyprus, where the European Central Bank has threatened to cut funding if Nicosia does not hammer out a new bailout plan. The benchmark Hang Seng Index slipped 110.58 points to 22,115.30 on turnover of HK$60.17 billion ($7.76 billion). Nicosia has until Monday to approve a "Plan B" deal with the European Union and International Monetary Fund or face being choked of ECB funds, which would likely cause the island's banks to collapse.

PetroChina says 2012 net profit falls 13%

March 21, 2013 06:46
PetroChina on Thursday reported that 2012 net profit fell 13.3 percent, despite increased production, as the oil giant was hit by a slowdown in the growth rate of the Chinese economy. China's largest listed oil company said its 2012 profit was 115.33 billion yuan ($18.56 billion), down from the 132.96 billion yuan it recorded in 2011. Revenue rose 9.6 percent to 2.2 trillion in 2012.
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