Business Digest

PUBLISHED : Friday, 24 August, 2012, 12:00am
UPDATED : Friday, 24 August, 2012, 2:47am


Shui On underlying profit slumps 95pc

Shui On Land, a Shanghai- based developer controlled by Hong Kong billionaire Vincent Lo, said first-half underlying profit slumped 95 per cent after property sales dropped and prices fell. Net income before revaluation of investment properties fell to 15 million yuan (HK$18.36 million) while revenue fell 8 per cent. Bloomberg

Country Garden sets 43b yuan sales target

Country Garden Holdings has set a 43 billion yuan contract sales target this year after announcing its interim profit rose 3.7 per cent to 2.97 billion yuan in the first half. The company said it had locked up 40 per cent of target sales in the first half. Sandy Li

Sony to cut 15pc of cellphone workforce

Sony said yesterday that it would chop 15 per cent of the workforce, or 1,000 employees, at its struggling mobile phone unit and move its headquarters to Tokyo from Sweden. Sony has already said it would cut about 10,000 jobs worldwide. AFP

China Minsheng profit up 37pc, bad loans rise

China Minsheng Banking Corp said first-half profits rose 37 per cent from a year earlier to 19.1 billion yuan. Bad loans rose about 19 per cent to nearly 9 billion yuan as defaults among small and medium enterprises increased. Lulu Chen

Ping An buoyed by banking business

Ping An, China's N o2 insurance company, reported a better-than-expected 9.4 per cent rise in first-half profits to 13.96 billion yuan, boosted by its banking business. Ping An's performance was helped by its 52.38 per cent stake in Shenzhen Development Bank. Reuters