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Jade Technologies posts modest net profit for 1Q

January 28th, 2011 | No Comments

Jade Technologies Holdings, the titanium dioxide manufacturer and distributor in China, reported a modest net profit of RMB 866,000 ($168,243) for the three months ended December 31, 2010 (1QFY2011) compared to a loss of RMB 3.4 million for the same corresponding period (1QFY2010).

This was achieved on the back of a significant improvement in revenue to RMB 36.2 million in 1QFY2011 from RMB 1.2 million in 1QFY2010, with the commencement of the group’s selling and distribution of titanium dioxide in mid-December 2009. In addition, for the period under review, the average selling price of titanium dioxide was RMB11,030 per ton as compared to RMB 9,435 in the previous corresponding period.

CapitaLand says 60% of units in Phase 2 launch of The Beaufort in Beijing sold

December 28th, 2010 | No Comments

CapitaLand China Holdings, the wholly-owned subsidiary of CapitaLand, says 60% of the 220 units in the Phase 2 launch of The Beaufort condominium in Beijing have been sold at an average price of around RMB38,500 ($7,500) per square metre over the Christmas weekend.

One- and two-bedroom apartments at The Beaufort were priced at between RMB2.3 million and RMB4.1 million each.

SunVic Chemical +2.4%; More room for gains: CIMB

November 22nd, 2010 | No Comments

SunVic Chemical (A7S.SG) +2.4% at $0.64, recouping part of 7.4% fall since release of 3Q10 results Nov. 10. While net profit at RMB193.3 million ($37.7 million) vs RMB6.1 million loss year earlier, RMB103.5 million profit in 2Q10 due to increased sales, investors have since opted to sell on strength given 82.4% rally after 2Q10 results came out Aug 12.

China Minzhong Food Corp posts 20% rise in 1Q net income to $10.2m

November 12th, 2010 | No Comments

China Minzhong Food Corporation announced a 20% rise in its 1Q FY2011 net income to RMB52.4 million ($10.2 million) for the 3 months ended 30 September 2010. Revenue increased 18.4% to RMB264.1 million, underpinned by sales growth across both processed vegetables and fresh vegetables produce segments.

Revenue from processed vegetables increased by 33.2% to RMB111.8 million, on the back of continued strong demand from overseas food manufacturers. Average selling prices for the processed vegetables rose 52.5% as the group shifted towards a portfolio of higher-value processed vegetables.

Yamada Green records 54.1% growth in 9M net profit to $12.2m

November 12th, 2010 | No Comments

Mainboard-listed Yamada Green Resources, the supplier of self-cultivated shiitake mushrooms in China, says profit after tax increased 54.8% to RMB62.6 million ($12.2 million) in the nine months ended 30 September 2009 (9M2009) to RMB198.6 million in 9M2010 from RMB40.5 million in 9M2009. Revenue increased by 43.6% from RMB138.3 million ($27 million).

The revenue increase was mainly attributable to the 55% increase in Yamada’s self- cultivated mushrooms from 62.2 million in 9M2009 to RMB96.4 million in 9M2010. This was because Yamada operated an aggregate of 2,213 mu of cultivation bases for self-cultivated shiitake mushrooms in 9M2010 compared to 1,660 mu in 9M2009. The average selling price of fresh self-cultivated shiitake mushrooms was also higher at RMB6.5/kg for the period under review, representing an 8.3% or RMB0.5/kg increase compared to 9M2009.

8Telecom says 3Q net profit rose to $23.3m

November 12th, 2010 | No Comments

Mainboard-listed 8Telecom International Holdings Co., the manufacturer and solutions provider of telecommunication infrastructures and emerging property developer in China, announced net profit soared to RMB119.1 million ($23.3 million) for the three months ended 30 September 2010 (3Q2010) from RMB8.2 million a year ago.

3Q2010 turnover improved by 32.4% to RMB122.7 million from RMB92.7 million in 3Q2009, growth was driven by the group’s two telecommunication-related businesses namely its telecommunications engineering services and telecommunications & other towers segments.

Sino Techfibre posts net loss of $10m in 3Q

November 11th, 2010 | No Comments

Sino Techfibre, the producer of microfibre, polyurethane (PU) synthetic leather and pattern moulding paper (PMP) in China, today announced that it registered a net loss of RMB51.5 million ($10 million) for the three months ended 30 September 2010, on the back of a 7.4% rise in group revenue to RMB279.2 million.

China Taisanâ€™s net profit soars to $11.8m for 3Q on Asian Games demand

November 11th, 2010 | No Comments

SGX Mainboard- and Taiwan Stock Exchange-listed China Taisan Technology Group Holdings, the producer of knitted performance fabrics, posted a seven-fold year-on-year (y-o-y) increase in net profit to RMB60.7 million ($11.8 million) for 3Q2010, backed by a strong turnover of RMB322.2 million, which went up 117.0% y-o-y riding on the strong demand for sportswear arising from the coming Guangzhou 2010 Asian Games.

Sinopipeâ€™s 3Q net profit rises 7.2% to $3.9m

November 11th, 2010 | No Comments

Sinopipe Holdings, the manufacturer of plastic pipes and pipe fittings, says net profit rose 7.2% to RMB 20.4 million ($3.9 million) for the three months ended 30 September 2010 (3Q2010) from RMB 19 million in 3Q2009.

Revenue for 3Q2010 increased 11.1% to RMB 233.7 million from RMB 210.4 million recorded in 3Q2009 due to higher revenue recorded for water supply, telecommunication and electrical, water-saving irrigation and fuel gas operating segments under the plastic pipe segment.

Over the same period, gross profit rose 6.7% from RMB 47.7 million to RMB 50.9 million while gross profit margin was lower at 21.8% in 3Q2010, compared to 22.7% in 3Q2009, mainly due to higher raw material costs. Aided by lower other operating and tax expenses,.

Sinopipe believes that the long term prospects of the plastic pipes industry remain positive. The group says it will continue to participate in exhibitions which provide a platform for it to showcase its brands and products as well as present opportunities that will enhance its revenue base, profit margins and competitiveness.

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China Animal Healthcare posts 64% drop in 3Q net profit to $3.6m

November 11th, 2010 | No Comments

China Animal Healthcare, one of the leading players in China’s animal drugs industry, posted record revenue of RMB160.9 million ($31.3 million) for the three months ended 30 September 2010 (3Q2010).

But net profit declined 64% y-o-y to RMB18.4 million due mainly to the incurrence of numerous non-routine expenses such as professional fees in connection with CAH’s proposed listing on the Stock Exchange of Hong Kong amounting to RMB14.4 million and the non-cash fair value charge of RMB19.2 million for the 13.0 million new shares issued to employees.

Lizhong Wheel reports 3Q net profit more than tripled to $3.1m

November 11th, 2010 | No Comments

Lizhong Wheel Group, the manufacturer of aluminum alloy wheels in China, says net profit more than tripled to RMB15.7 million for the 3 months ended 30 September 2010 (3Q10), from RMB4.6 million in 3Q09. The surge in net profit was built upon strong sales growth from all business segments, which boosted revenue by 66.0% to RMB377.7 million in 3Q10 from RMB227.5 million in 3Q09.

Sunpower Groupâ€™s 3Q rose 38.4% to $3.95m

November 10th, 2010 | No Comments

Mainboard-listed Sunpower Group, the China-based heat transfer technology specialist engaged in the design, R&D and manufacture of customised energy-efficient, energy-saving and environmental protection products, recorded a year-on-year (yoy) increase of 38.4% in net profit attributable to shareholders of RMB20.4 million ($3.95 million) for the three months ended 30 September 2010 (3QFY2010).

The double-digit growth is attributable to the surge in delivery of completed orders for the Heat Exchangers and Pressure Vessels segment and Heat Pipes and Heat Pipe Exchangers segment.

Revenue jumped 62.3% yoy to RMB265.9 million in 3QFY2010 from RMB163.8 million in 3QFY2009. The significant increase is attributable to:

93.1% surge in Heat Exchanger and Pressure Vessels segment, contributing RMB183.2 million in sales.
64.4% boost in Heat Pipes and Heat Pipe Exchangers segment, bringing in RMB50.4 million in revenue.

The group reported a 2.4 percentage points increase in gross profit margin to 23.2% in 3QFY2010 from 20.8% in the corresponding period last year. In line with the better gross profit margin, gross profit climbed 80.9% from RMB34.1 million in 3QFY2009 to RMB61.7 million in 3QFY2010.

The group’s balance sheet remained healthy, maintaining cash and bank balances of RMB187.7 million as at 30 September 2010. Inventories increased 19.2% to RMB250.4 million as at 30 September 2010 due to more raw materials purchased and work-in-progress products manufactured to meet the higher demand for Sunpower’s products.

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JES rated ‘buy’ by DBS

November 10th, 2010 | No Comments

DBS Vickers Securities in a Nov 9 research report says: “JES reported net profit of RMB23 million on the back of 21% rise in topline to RMB641 million. Net profit was down 53% q-o-q but improved sequentially from recurring profit of RMB20 million in 2Q10 (excluding US$4 million or RMB27 million one-off gain from contract cancellations last quarter).

Fuxing China posts 129% rise in net profit to $4.4m

November 9th, 2010 | No Comments

Fuxing China says net profit rose 129% to RMB 22.7 million ($4.4 million) for the third quarter ended 30th September 2010 (3Q2010) on the back of a 17% increase in revenue to nearly RMB150.0 million. The strong 3Q2010 performance boosted the group’s 9M2010 net profit by 138% to RMB 48.5 million and revenue by 40% to RMB 462.4 million.

Dapai International posts 45.2% drop in 3Q net profit to $5.4m

November 9th, 2010 | No Comments

Dapai International Holdings Co., the manufacturer of backpacks in China, posted RMB372.9 million ($72.1 million) of revenue for 3Q2010, a 17.7% y-o-y decrease. Net profit fell 45.2% to RMB27.8 million.

The drop was mainly due to the decrease in sales of luggage products because two major suppliers were unable to meet orders due to labour shortage problems; and the special discounts on backpack products given to distributors to compensate them for their loss.

Hu An Cable Holdings posts 30.2% rise in 9M net profit to $26m

November 9th, 2010 | No Comments

Mainboard-listed Hu An Cable Holdings, one of the top 10 cable and wire manufacturers in China, has posted a 30.2% surge in net profit to RMB134.1 million ($25.9 million) for the nine months ended 30 September 2010 (9M10) from RMB103.0 million a year ago.

9M10 revenue increased by 77.3% year-on-year to RMB1,673.1 million on the back of higher sales across all its business segments. The cable and wire segment contributed RMB1,128.6 million or 67.5% to the overall revenue, while the contribution from the other segments including copper rods increased from 13.1% in 9M09 to 32.5% in 9M10.

JES +1.4%; 3Q10 profit up sharply; $0.38 cap

November 9th, 2010 | No Comments

JES International (EG0.SG) +1.4% at $0.36 in active trade, underpinned by robust 3Q10 results released during midday break.

China-based shipbuilder’s net profit at RMB22.5 million vs RMB1.6 million year earlier as revenue more than doubles to RMB641.0 million, aided by commencement of operation at new yard.

JES International posts net profit of $4.3m for 3Q

November 9th, 2010 | No Comments

China-based shipbuilder JES International Holdings, says it posted net attributable profit for the July-September 2010 (3Q2010) soared to RMB 22.5 million ($4.3 million) from RMB 1.6 million in 3Q2009.

JES says the profit surge was achieved on the back of a 113.7% increase in revenue to RMB 641.0 million in 3Q2010 from RMB 300.0 million in 3Q2009, mainly due to more vessels in construction, with the increased capacities coming from the recently completed new yard facilities.

Sinotel Technologies posts 19.2% rise in 3Q net profit to $9.6m

November 8th, 2010 | No Comments

Mainboard-listed Sinotel Technologies, the provider of wireless telecommunications infrastructure and solutions in China, says net profit attributable to equity holders for the third quarter ended 30 September 2010 (3Q10) is up 19.2% to RMB49.8 million ($9.6 million) compared to similar period a year ago. This was achieved on the back of a 71.7% jump in group revenue to RMB233.9 million driven by strong orders for wireless equipment and installation services.

Delong Holdings posts 69.3% fall in 3Q net to $8.2m

November 8th, 2010 | No Comments

Mainboard-listed Delong Holdings, the manufacturer of hot-rolled steel coils (HRC) in China, says net profit for the third quarter ended 30 September 2010 (3QFY2010) fell 69.3% to RMB 42.7 million ($8.2 million) from RMB 139.1 million in 3Q2009.

The company continued to report higher revenue, which went up by 16.7% to RMB 2.5 billion in 3Q2010 compared to 3Q2009. But the increase in raw materials prices outpaced the average selling prices of HRC sold in 3Q2010. leading to a fall in profit margins.

Barring unforeseen circumstances, the group says it remains cautiously optimistic of a profitable performance for FY2010.

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