Business Digest

PUBLISHED : Monday, 17 July, 2006, 12:00am
UPDATED : Monday, 17 July, 2006, 12:00am


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airport passenger traffic jumps as activity surges

Hong Kong International Airport, Asia's third-busiest by passenger traffic, handled 3.6 million passengers last month, 10.3 per cent up on June last year.

Aircraft movements increased by 7.4 per cent to 22,910 and cargo throughput rose 3.6 per cent to 290,000 tonnes.

Passenger traffic for the first quarter of the financial year ended in June recorded year-on-year growth of 10.5 per cent to 11 million.

Between July last year and June this year, passenger throughput reached 42.6 million, up 8.7 per cent, while cargo volume rose by 8.2 per cent to 3.5 million tonnes and aircraft movements rose to 275,500.

china water affairs buys shangdong water stake

China Water Affairs, a water and sewage treatment provider, agreed to buy an 8 per cent stake in Shangdong Water for eight million yuan from China Water Industry Investment Corporation (CWIIC).

Shandong's net profit was about 3.4 million yuan last year.

China Water said it was also negotiating with CWIIC to buy a 9 per cent stake in Shanghai Water.

The company said the Shangdong Water transaction would be financed by its $260 million convertible bond issue which was fully subscribed by DBS at the end of last month. The investment bank exercised its option to acquire a further $40 million of China Water convertibles last Friday.

motorola purchases 117m shares in dvn

Motorola, through its subsidiary Motorola-Dragon Investment, has exercised its right to subscribe for 117 million shares of DVN (Holdings) at $1.20 per share, under a 2004 agreement.

DVN, which sells set-top boxes in China, said the shares account for 16.47 per cent of its enlarged share capital. It said Motorola had agreed to sell half of the shares to two private investors.

Last week DVN agreed to give a 25 per cent stake in itself to Citic Group in return for the right to sell six million set-top boxes and software to cable TV networks.

After the completion of the transaction with Citic, Motorola's holding in DVN will fall to 18.53 per cent from 19.72 per cent.

wang on profit creeps up as rental income falls

Wang On Group posted a net profit of $72.55 million, up 4.39 per cent, for the year to March.

Turnover reached $395.5 million, up 8.6 per cent over the same period last year, which the firm said was mainly attributable to the start of sales of residential units and shops at Milan Place.

But rental income from investment properties fell 16.8 per cent to $9.4 million due to the disposal of a number of them in the second half of last year.

Earnings per share fell to 34.2 cents per share from 40.4 cents. A final dividend of seven cents per share and a bonus issue of one share for every 10 was declared.