Business Digest, February 25, 2013

Citic Resources slips into the red in 2012

Oil and energy firm Citic Resources reported a net loss of HK$1.28 billion last year, against a net profit of HK$2.2 billion a year earlier. The loss was partly due to one-off gains in 2011 from the disposal of the group's interest in the Codrilla coal-mining project and Australian-based mining firm Macarthur Coal. Excluding these one-off gains, net profit for last year jumped 107.4 per cent to HK$235.9 million. Revenue grew 25.8 per cent to HK$48.43 billion, driven by import and export of commodities and crude oil. Enoch Yiu

Gome denies report of chairman's stake sale

Gome Electrical Appliances said yesterday that its controlling shareholder Wong Kwong-yu had no plan to sell his interest in the retailer and there was no discussion with any potential buyers to do so. The company issued the announcement in reaction to media reports on the rumoured sale. Enoch Yiu

ICBC's Middle East unit enjoys bumper year

The Middle East branch of Industrial and Commercial Bank of China enjoyed surging profits and asset growth last year, it said over the weekend, underscoring increasingly close economic ties between China and the Gulf. Pre-tax profit rose 69 per cent to US$54 million, while operating income soared 47 per cent to US$72 million. Total assets at the end of last year were US$3.96 billion, up 29 per cent. Reuters

Retail price ceiling raised for petrol, diesel

The mainland will raise the retail price ceiling for petrol and diesel from today, energy consultancy C1 Energy said yesterday. Petrol price would be raised by 300 yuan (HK$370) per tonne and diesel by 290 yuan per tonne, it said, citing authorities overseeing prices. The predicted rise would be the first in the country this year. Reuters