Home 

PC maker Lenovo returns to profit in third quarter on strong performance across business groups

Chinese PC maker Lenovo Group said on Thursday it swung to a net profit in the three months through December, beating market expectations, due to strong performance across its major business groups.Profit for the quarter reached US$233 million, versus a loss of US$289 million in the same period a year earlier when the world’s largest personal computer (PC) maker by shipments took a one-off hit due to US tax reform.The result was ahead of the US$207 million average of 10 analyst estimates… Source link

Read More
Home 

Hong Kong property developer Chinese Estates Holdings says full-year profit to tumble by as much as 78 per cent

Hong Kong property developer Chinese Estates Holdings said on Wednesday it expected a drop as much as 78 per cent in its full-year net profit for 2018, which it said was down to poor sales performance and losses on investments.The net profit attributable to its shareholders will drop by between 68 per cent and 78 per cent from the HK$3.7 billion (US$471.41 million) in gains reported in 2017, according to a company filing with the Hong Kong stock exchange ahead of its annual results release… Source link

Read More
Home 

HSBC returns to a profit in the fourth quarter despite challenging markets

HSBC said on Tuesday that it returned to a profit in the fourth quarter despite challenging market conditions and a weaker outlook for the global economy.The improved results came as several banking rivals suffered tougher year ends, as global markets were particularly volatile in December.Asia-Pacific markets were hit especially hard last year, with the Shanghai Composite Index down nearly 25 per cent for the year, making it the worst performing major benchmark worldwide. Asian markets have… Source link

Read More
Home 

Chinese surveillance camera supplier Hikvision posts slowest profit growth in a decade

Hangzhou Hikvision Digital Technology, a key camera supplier for China’s surveillance system, reported the slowest annual pace of profit growth in more than a decade amid growing headwinds in overseas markets. Net income in 2018 rose 20.5 per cent to 11.3 billion yuan (US$1.76 billion), the Hangzhou-based company said in a filing to the Shenzhen Stock Exchange on Thursday. Revenue climbed 23 per cent to 51.2 billion yuan. The company said it maintained a high level of investment into research development while continuing to develop domestic and overseas markets. Its…

Read More
China 

You thought 2018 was bad for China’s stock market? Profit warnings suggest worse may be yet to come

Last year was a dreadful one for mainland Chinese equities as a slowdown in economic growth and the trade war with the US combined to crush market sentiment. The bad news for investors is that the worst may be yet to come. Preliminary announcements showed that 390 companies listed on China’s bourses are set to report a combined loss to the tune of 330 billion yuan (US$49 billion) for 2018. That means the total loss for the country’s listed firms is on track to be three times greater than a…

Read More
Home 

China’s demand for Lexus cars lifts Toyota’s third-quarter operating profit higher, but misses forecasts

Toyota Motor’s quarterly operating profit edged up as continued increase in sales in Asia, including China, offset lower sales in North America, its biggest market. Japan’s largest carmaker lowered its full-year net profit forecast to Ұ1.87 trillion (US$17 billion) from a previous view of Ұ2.3 trillion, citing unrealised losses on some of its equity investments, but reiterated its annual operating profit projection of Ұ2.4 trillion. For the October-December quarter, Toyota posted an operating profit of Ұ676.1 billion, up 0.4 per cent from Ұ673.64 billion in the same period a year…

Read More
China 

European Union likely to profit the most from US-China trade war, UN group says

The European Union is set to be the biggest winner of the trade war that has raged between the United States and China since last year, according to a new study by the United Nations Conference on Trade and Development. The United Nations organisation estimated that European companies are likely to capture about US$70 billion in trade – about US$50 billion in Chinese exports and US$20 billion in US exports – that have traditionally passed between the world’s two largest economies. Countries that are likely to benefit the most from…

Read More
Vietnam 

Vinamilk Q4 post-tax profit grows – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Vietnam Dairy Products Joint Stock Company (Vinamilk) has reported a year-on-year post-tax profit jump of 32 per cent to VNĐ2.3 trillion (US$98.92 million) for the fourth quarter of 2018. The company recorded 5.3 per cent annual growth in net revenue, which reached VNĐ13 trillion for the quarter. The company’s selling cost was 52.6 per cent of net revenue, down by two percentage points from a year earlier. It posted VNĐ6.16 trillion in combined profit, up 10 per cent from the same…

Read More
Home 

More Chinese companies scramble to issue profit warnings as debris field from M&A boom begins to surface

Hundreds of Chinese companies have revised their earnings outlook for 2018 before a deadline late Thursday, warning that results will fail to meet expectations as economic growth eases, forcing heavy write-downs. Of 2,488 companies that made preliminary announcements, more than 280 revised their estimates, while 59 warned earnings would be down by more than 66 per cent from their previous estimates. Among those warning of the sharp downward revision, 42 cited impairment of goodwill as a factor. Goodwill is an accounting term referring to an intangible asset class arising from…

Read More
Home 

Vinda net profit rises 4.6 per cent, as product price hike helps offset higher pulp prices

Vinda International Holdings, the maker of China’s bestselling brand of toilet paper, reported on Thursday 2018 net profit rose 4.6 per cent, helped by price increases that bolstered revenue and provided a cushion against higher pulp prices and foreign ­exchange volatility. Vinda’s net profit grew 4.6 per cent to HK$649.31 million (US$82.76 million) for the year, up from HK$620.96 million in 2017. The company’s gross profit margin fell by 1.6 percentage points due to exchange rate fluctuations and a surge in pulp prices. Revenue rose 10.3 per cent to HK$14.88…

Read More