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Ping An posts biggest jump in interim net profit since 2015, helped by a one-time tax benefit and a stock market rally in China

Ping An Insurance (Group), China’s largest insurer by value, posted the biggest jump in interim net profit since 2015, bolstered by a one-time tax benefit, a stock market rally and growth in its new business units.Net income soared 68 per cent to 97.7 billion yuan in the six months ended June 30, beating the 19 per cent increased expected in a Bloomberg survey of analysts. Revenue rose 17 per cent to 690.25 billion yuan (US$98 billion), while basic earnings per share rose 23.7 per cent to 4.12… Source link

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Alibaba posts 42 per cent gain in quarterly profit, defying slowdown in China

Alibaba Group Holding beat estimates to report a 42 per cent increase in revenue in the quarter ended June 30 amid signs of strain in China’s economy from the protracted trade war with the US.New York-listed Alibaba on Thursday posted better-than-expected revenue of 114.9 billion yuan (US$16.7 billion) in its fiscal first quarter, up from 80.9 billion yuan a year ago. Net income reached 21.3 billion yuan for the same quarter.The e-commerce giant’s financial results are seen by many investors as… Source link

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Tencent posts better-than-expected US$3.4 billion second-quarter profit on payments, games

Tencent Holdings, operator of China’s biggest video games and social media businesses, beat estimates to report a 35 per cent increase in second-quarter net profit, lifted by revenue from payment services and smartphone games led by hit titles such as Peacekeeper Elite.The Shenzhen-based company reported a net profit of 24.1 billion yuan (US$3.4 billion) in the quarter ended June 30, up from 17.9 billion yuan in the same period last year and ahead of the 21.1 billion yuan consensus estimate… Source link

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Singapore 

Singapore doesn’t profit from Hong Kong chaos, says minister K Shanmugam, Singapore, Asia News

A senior Singapore government official has described prolonged anti-government protests in Hong Kong as worrying, but insisted that the republic does not stand to gain from the ongoing unrest. Minister for Law and Home Affairs K Shanmugam said that at the most basic level, Hong Kong must deal with the law and order situation that has arisen as protesters have broken into the city’s legislature, defaced flags, held sit-ins at the airport, surrounded police stations and disrupted public transport, among other things. The extent of the protests, involving thousands including…

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Viettel Global posts US$47 million pre-tax profit in Q2 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    MyTel, Viettel Global’s brand in Myanmar, is the first operator to launch 5G technology in the country. — Photo courtesy of Viettel Global   HÀ NỘI — Viettel Global posted record pre-tax profit of VNĐ1.09 trillion (US$47 million) in the second quarter of the year. The company announced its consolidated financial report with net revenue of more than VNĐ4 trillion in the April-June period which equals that of the same period last year. However, gross profit increased by VNĐ200 billion to VNĐ1.5 trillion as it focused on the key…

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Property 

Wharf Holdings warns China’s stringent property curbs could weigh on future profit

Hong Kong-listed Wharf Holdings, a leading developer in China with 100 billion yuan (US$14.2 billion) worth of assets, said mounting curbs in the mainland’s housing market could seriously affect its profitability, as it posted a 12 per cent drop in first-half underlying profit.The company’s underlying profit stood at HK$2.24 billion (US$285 million) for the six months ended June 30 versus HK$2.53 billion a year earlier.“This year, we see the severity of the curbs is even more higher,… Source link

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Property 

Chinese Estates sells no property but swings to profit in first half amid gains on investments

Chinese Estates, developer of No. 55 Conduit Road, has transitioned from a property group into an investment holding company, as indicated by its results announcement for the first half of 2019. The last property sold by the company was at the Conduit Road development in January 2018. Photo: SCMP/Sam Tsang Source link

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Prada profit surges in first half, as tax benefit helps overcome Asia sales slowdown

Italian luxury brand Prada announced net profit surged 55.7 per cent in the six months through June, largely due to gains from a tax benefit which helped offset shrinking sales in Asia-Pacific.Net income for the group during the six-month period totalled 154.89 million euros (US$171.31 million), compared to 99.46 million euros a year earlier, and beating the average forecast of 108.9 million euros among analysts polled by Bloomberg.Hong Kong-listed Prada said in the earnings announcement that… Source link

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Victor Li’s CK Asset sees core profit rise 16 per cent thanks to strong property sales before market soured

Victor Li Tzar-kuoi’s CK Asset Holdings announced a 16.4 per cent increase in core profit for the six months to June, driven by strong property sales in Hong Kong that it locked in before the housing market turned sour.Underlying interim profit, excluding investment property revaluation and property disposal, came to HK$14.05 billion (US$1.8 billion), up from HK$12.07 billion in 2018.CK Asset, the second largest developer by market value in Hong Kong, said revenue rose 41 per cent to HK$34… Source link

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Standard Chartered’s first half profit declines 6 per cent, beats analysts expectations

Standard Chartered said on Thursday that its profit declined 6 per cent in the first half of the year, as weaker investor activity weighed on its wealth management business, particularly in its retail banking segment.The bank, one of three lenders authorised to issue Hong Kong’s currency notes, reported a profit of US$1.49 billion in the first half, compared with US$1.59 billion in the same period a year ago.The bank also took a charge of US$204 million for regulatory matters after it agreed to… Source link

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