In Brief

Harbin Power records 49pc increase in net profit

Harbin Power Equipment, one of the mainland's top three power generator makers, posted a 49.13 per cent increase in net profit for last year on the back of higher margins. Profit totalled 1.53 billion yuan (HK$1.7 billion). Turnover fell 5 per cent to 27.65 billion yuan because of a fall in turnover from thermal power main equipment, the company said. Directors proposed a dividend of 0.091 yuan per share for the year. Eric Ng

Sino Union, Shaanxi Yanchang to explore for oil in Madagascar

Sino Union Petroleum & Chemical International and mainland state-owned Shaanxi Yanchang Petroleum (Group) plan to invest up to US$300 million exploring for oil in Madagascar. Hong Kong-listed Sino Union will make the investment through subsidiary Madagascar Energy International and will provide half the financing. The venture will have the right to explore oil block 3113 for oil for 25 years and gas for 35 years. Tim LeeMaster

Lai Sun interim profit up 47pc on asset sales

Lai Sun Development said profit rose 47 per cent to HK$882.8 million for the half-year to January from HK$600.1 million a year earlier, thanks to asset sales. The company booked HK$404.4 million from sale of the Central site where the Ritz Carlton was located, while the gain from fair value of its investment properties increased to HK$472.6 million from HK$227.4 million. Turnover rose to HK$506.6 million from HK$458.0 million. Staff reporter