Huaneng Power posts flat profit
HUANENG Power International Inc. said yesterday 2007 profit rose 1.5 percent, missing estimates as energy price curbs prevented the firm from passing on higher coal costs.
Net income climbed to 6.16 billion yuan (US$874 million), or 0.51 yuan a share, from 6.07 billion yuan, or 0.50 yuan, a year earlier, the Beijing-based company said in a statement. Sales rose 12 percent to 49.77 billion yuan as power generation increased 13 percent to 173.7 billion kilowatt-hours, Huaneng Power said in its statement. The firm will pay a dividend of 0.30 yuan a share, up from 0.28 yuan.
Jiangxi Copper net down 12.4 percent
JIANGXI Copper Co., China’s top integrated copper producer, said yesterday 2007 earnings fell 12.4 percent due to falling processing fees for smelting the metal.
Jiangxi Copper posted a net profit of 4.15 billion yuan (US$588.6 million) last year, down from 4.74 billion yuan in 2006. The company aims to make 700,000 tons of refined copper in 2008, making up for production lost during an unusually harsh winter this year. But the company’s dependence on other firms for its copper concentrates, lower processing fees and a higher effective tax rate could drag down earnings this year despite rising global copper prices, analysts say.
Stocks boom boosts China Life 2007 profit
CHINA Life Insurance Co., the nation’s largest insurance company, said yesterday 2007 profit almost doubled, fueled by stock market gains.
Net income grew 95 percent to 38.9 billion yuan (US$5.52 billion), or 1.38 yuan a share, from 20 billion yuan, or 0.75 yuan a share, a year earlier, the Beijing-based insurer said in a statement. China Life’s net investment income climbed 77 percent to 44 billion yuan last year, the statement said. Revenue expanded 30 percent to 191.4 billion yuan.
Laiwu Steel, Jinan Steel merge
LAIWU Steel Corp. and Jinan Iron & Steel Co. combined assets yesterday to create China’s second-biggest steelmaker, the result of a merger planned for more than a year as the government promotes the creation of bigger producers.
Shandong Iron and Steel Group Co. was established yesterday, Shanghai-listed Laiwu Steel said in a statement.
