CRE confident of future Tesco profit

CRE's beer and beverage divisions performed strongly. Photo: Nora Tam

China Resources Enterprise (CRE), a retail-focused mainland conglomerate, said net profit sank 51.6 per cent to HK$1.91 billion last year, but the management expects a promising future due to its new joint venture with British supermarket giant Tesco.

Friday, 21 March, 2014, 12:43am

Kerry Properties sees underlying profit fall 6pc

Kerry Properties chairman Wong Siu-kong said that there is no broad trend for real estate price cuts on the mainland, with only some individual cases seen. Photo: Felix Wong

Kerry Properties said underlying profit fell 6 per cent to HK$4.41 billion in 2013 while maintaining it wants to achieve 12 per cent growth in its contracted sales in Hong Kong and on the mainland this year.

18 Mar 2014 - 1:14am

Swire Properties to spend HK$10b on Taikoo Place redevelopment

Swire Properties will spend HK$10 billion to turn three industrial buildings in Quarry Bay's Taikoo Place into two grade A office towers. Photo: K. Y. Cheng

Swire Properties will spend HK$10 billion over the next few years to turn three industrial buildings in Quarry Bay's Taikoo Place into two grade A office towers, making it one of the company's biggest investments in a project in a decade.

7 May 2015 - 4:04pm

Fuel savings propel Cathay's profit

Cathay Pacific chairman Christopher Pratt (left) and chief executive John Slosar discuss company results yesterday. Photo: May Tse

Cathay Pacific Airways tripled its net profit last year to HK$2.62 billion largely on the back of savings in fuel costs and a slight improvement in passenger yields as Hong Kong's flagship carrier plans to expand cargo and passenger traffic in 2014.

13 Mar 2014 - 1:00am 2 comments

Wing Hang Bank increases net profit 21.3pc to record HK$2.19 billion

Wing Hang Bank said it will continue to focus on its yuan businesses. Photo: Dickson Lee

Wing Hang Bank, the second-largest family-controlled lender in the city, made record profits last year because of higher net interest income and capital gains from the disposal of properties and financial assets.

Net profit for Wing Hang, which is negotiating with Singapore's Oversea-Chinese Banking Corp on the terms of a possible sale, jumped 21.3 per cent to HK$2.19 billion.

7 Mar 2014 - 12:52am

Store-cutting Esprit warns of more pain

Too many shoppers are walking past Esprit stores, such as this one in Singapore's Orchard Road, forcing a focus on costs. Photo: Bloomberg

Esprit expects sales to continue to decline over the next financial year and a turnaround for the struggling fashion retailer is not likely until next year.

Chief executive Jose Manuel Martinez Gutierrez told investors yesterday that store closures would lead to a further slide in sales revenue in the next financial year to June.

15 May 2013 - 4:01am

Sharp logs record loss but says profits will return

Sharp reported a net loss of 545.3 billion yen in the year to March. Photo: Reuters

Japanese electronics giant Sharp yesterday posted a record annual loss for the second year in a row, and said it would replace its chief after just one year on the job.

The maker of Aquos-brand electronics reported a net loss of 545.3 billion yen (HK$41.6 billion) in the year to March, its worst shortfall, after losing 376 billion yen in the previous year.

15 May 2013 - 2:25am

Fashion chain Esprit heading for 'substantial' yearly loss

Operating losses have continued at Esprit, which lost HK$465 million in the six months to December. Photo: Jonathan Wong

The group said it expected to record a substantial loss in the second half of the year to June and hence an overall substantial loss for the full year. Esprit lost HK$465 million in the six months to December.

8 May 2013 - 5:33am

Next Media warns of 'substantially' bigger loss

Next Media warns of 'substantially' bigger loss

The group, controlled by Jimmy Lai Chee-ying, reported losses of HK$188.63 million in the fiscal year to the end of March 2012, and a deficit of HK$19.73 million in 2011. Based on its results for continuing operations, this loss was HK$973 million for the 2012 fiscal year, against a profit of HK$9.6 million in 2011.

7 May 2013 - 3:56am

HSBC expected to report big surge in profit

Although strong earnings are expected for the quarter, HSBC is seen as too large and may announce measures to lower costs. Photo: EPA

HSBC may post first-quarter pre-tax profit of US$8 billion, 80 per cent higher than in the previous quarter, according to an average estimate of five analysts.

7 May 2013 - 3:56am

Weak profit signals for ZTE as margins shrink

ZTE aims to ship 50 million smartphones throughout the world this year, up from 35 million last year. Photo: Reuters

ZTE, the world's fifth-largest telecommunications equipment supplier, may be hard-pressed to boost sales and profit this year, despite growing global demand for smartphones and the expansion of 4G networks on the mainland.

30 Apr 2013 - 5:27am

China Telecom ends slide in profit

Shares of China Telecom closed unchanged at HK$3.91 yesterday, while the Hang Seng Index rose 0.65 per cent.

Net profit rose 10 per cent year on year in the first quarter at China Telecom, the world's biggest fixed-line network operator, to 4.7 billion yuan (HK$5.9 billion).

It was the first increase in earnings since the country's third-biggest mobile-telephone operator in terms of users started offering Apple's iPhone in March last year.

27 Apr 2013 - 5:07am

Hard landing for mainland China airlines

China Southern's net profit plunged 82 per cent to 57 million yuan. Photo: EPA

Mainland airlines faced turbulence in the first quarter, with China Eastern Airlines yesterday going from a profit to a loss and China Southern Airlines stocks taking a hammering after the company barely managed to stay in the black.

27 Apr 2013 - 5:07am

Bank of China's profits rise on strong fee growth

Bank of China's net earnings rose during the first quarter, as did the company's impairment losses on assets and non-performing loans. Photo: Reuters

In the January-March period, net earnings rose to 39.8 billion yuan (HK$49.5 billion) from 36.8 billion yuan a year ago, thanks to improved lending profitability and robust growth in fee and commission businesses. Hong Kong-listed mainland banks reporting interim results this week are expected to post earnings growth of 7 to 11 per cent, a significant deceleration from the average 24 per cent seen a year ago.

26 Apr 2013 - 4:14am

Chongqing bank profit misses market target

Earnings growth at Chongqing Rural Commercial Bank slowed to 15 per cent in the first quarter.

The first mainland lender to release interim results in Hong Kong, the Chongqing bank yesterday said net earnings totalled 1.6 billion yuan (HK$2 billion) in the January-March period, compared with 1.4 billion yuan a year ago.

23 Apr 2013 - 5:07am