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Melco profit falls as mainlanders pull back

Business Digest, November 9, 2012

Noble Group, Asia's biggest publicly listed commodity trader by revenue, reported third-quarter profit that missed analysts' estimates as revenue from its agricultural business fell. Net income was US$75.2 million in the three months to September, compared with a loss of US$17.5 million a year earlier, it said. That missed the US$154.6 million mean estimate of analysts. Bloomberg

Sunshine Oilsands, a Canada-based and Hong Kong-listed developer of projects to extract crude oil from oil sand resources, has obtained conditional approval from the Toronto Stock Exchange to dual-list its shares in Toronto. No funds will be raised by the firm, 29 per cent owned by Chinese state-backed firms. Eric Ng

Melco Crown Entertainment, a venture between billionaire James Packer and a son of Stanley Ho Hung-sun, said third-quarter profit fell as high-stakes mainland gamblers cut spending. Net income shed 7.4 per cent to US$104.9 million and net revenue fell 4.3 per cent to US$1.01 billion. Bloomberg

Online recruitment firm Monster Worldwide reported a higher quarterly profit and said it was pursuing a sale of its business in China, among other restructuring activities. The parent of said its results for the third quarter excluded the impact from China Holdings, which it took over in 2008. Reuters

JPMorgan Chase said US regulators had approved a plan for the bank to use its capital to buy back up to US$3 billion of its stock in the first quarter of 2013. JPMorgan suspended buy-backs in May and submitted a new capital plan in August after containing its "London Whale" derivatives losses at about US$6.2 billion. Reuters