Yangtze Power profit rises 49 percent

CHINA Yangtze Power Co., operator of the world’s largest hydropower project, said yesterday that 2007 profit rose 49 percent on increased generation and investment income.

Net income climbed to 5.37 billion yuan (US$766 million), or 0.5844 yuan a share, from 3.62 billion yuan, or 0.4321 yuan, a year earlier, the Beijing-based company said in a statement to the Shanghai Stock Exchange. Sales rose 24 percent to 8.74 billion yuan.

State Shipbuilding profit doubles

CHINA State Shipbuilding Co., the publicly traded unit of the country’s biggest shipbuilder, said yesterday that first-quarter profit more than doubled after rising demand led to higher prices for vessels.

Net income climbed to 984 million yuan (US$140 million), or 1.485 yuan a share, from 417 million yuan, or 0.877 yuan, a year earlier, the Shanghai-based company said in a statement. Sales gained 16 percent to 3.98 billion yuan. Sales in 2008 were expected to rise to 24.4 billion yuan from last year’s 17.9 billion yuan, the company said March 18.

Pudong Bank net almost triples

SHANGHAI Pudong Development Bank Co. said yesterday that first-quarter profit almost tripled as it improved loan margins and boosted lending in a growing economy.

Net income climbed to 2.8 billion yuan (US$399 million), or 0.50 yuan a share, from 981 million yuan, or 0.23 yuan, a year earlier, the bank said. The bank was aiming for a 50 percent increase in profit to 10 billion yuan in 2008, chairman Fu Jianhua told shareholders last month. Reaching that target would depend on the bank’s ability to sell new shares, he said.

SAIC Motor profit rises on car demand

SAIC Motor Corp., China’s biggest automaker, boosted first-quarter profit 7 percent after selling more cars at ventures with Volkswagen AG and General Motors Corp.

Net income climbed to 1.24 billion yuan (US$177 million), or 0.191 yuan a share, from 1.16 billion yuan, or 0.177 yuan, a year earlier, the Shanghai-based carmaker said in a statement. Sales rose 14 percent to 28.9 billion yuan from 25.5 billion yuan. SAIC Motor’s vehicle sales climbed 15 percent in the first quarter to 463,683, according to the China Association of Automobile Manufacturers. The overall market expanded 21 percent.