SYDNEY, Australia, Aug. 21 /PRNewswire/ -- A summary prepared by Asia Pulse (http://www.asiapulse.com/), the real-time, Asia-based wire with exclusive news, market intelligence and business opportunities:
QANTAS REPORTS 19.7PCT FALL IN NET PROFIT
SYDNEY - Qantas Airways Ltd has posted its first ever half-yearly loss, reporting a 19.7 per cent fall in net profit for the year to June 30, 2003, to $A343.5 million ($US226.19 million). The loss was reported as the impact of the SARS virus and the war in Iraq hit earnings. The airline said it expects to improve on its performance in 2003/04. With the airline booking a A$352.5 million net profit for the first half, the annual result implies Qantas reported a net loss of about $9.0 million for the second half.
AUTOMOTIVE PRODUCTION, SALES SOARING IN BEIJING
BEIJING - Beijing Automotive Industry Shareholding Corporation (BAISC) produced 180,990 automobiles in the first seven months of the year, up 89.9 per cent from the same period last year. During the same period, the corporation sold 178,000 motor vehicles, up 87.9 per cent, earning 16.43 billion yuan (US$1.98 billion) in sales, and earned pre-tax profits of 961 million yuan (US$115.78 million), according to An Qingheng, chairman of BAISC. The corporation has three principal members: Beijing Jeep Co., Ltd., Beijing Hyundai Motor Co., and Beiqi Futian Vehicle Co., Ltd.
CHINESE PORT BOOKS US$2.22 BLN IN FOREIGN INVESTMENT JAN-JUL
TIANJIN - The port city of Tianjin booked a record US$2.22 billion in contractual foreign investment in the first seven months of the year, up 97.3 per cent over the same period of last year. According to the municipal foreign trade and economic cooperation committee, the city used US$1.12 billion of the funds, a rise of 93 per cent on a yearly basis. Tianjin approved 569 foreign-funded enterprises in the first seven months, the largest number since 1997 and representing a rise of 26.7 per cent year-on-year.
CBA SUBSIDIARY LAUNCHES NEW FUND FOCUSING ON ASIA MARKET
HONG KONG - First State Investments, a wholly owned subsidiary of the Commonwealth Bank of Australia , launched its First State Asian Bridge Fund to local investors in Hong Kong yesterday. The fund will invest 50 per cent of its assets in Asian equities and 50 per cent in Asian Bond markets. Ben Yuen, head of fixed income (Asia) of the company, said he believed the Asian bond market would continue to provide a stable return to investors, as the current low interest rate level is expected to persist in the coming 12 months.
CARLSBERG EYES STAKES IN VIETNAM BREWERIES
HANOI - Carlsberg Breweries A/S aims to increase its holdings in two major Vietnamese breweries. The Denmark-based corporation has a tentative deal to acquire the Danish Industrialisation Fund for Developing Countries' (IFU) shareholdings of 25 per cent in South-East Asia Brewery Ltd and 15 per cent in Hue Brewery Ltd, for a total of DKKr 95 million (US$14.3 million). The acquisition is subject to approval by local authorities, the company said. Carlsberg Breweries already owns 35 per cent of the two Vietnamese breweries, so would increase its shareholding to 60 per cent and 50 per cent, respectively.
KOREA'S KEPCO CONCLUDES FIRST POWER-PLANT DEAL IN CHINA
SEOUL - State-run power monopoly Korea Electric Power Corp. said today that it has finalized a deal to construct its first power plants in China. The deal calls for the firm to build two 50,000-kilowatt fluidized-bed combustion power plants in Jiaozuo City of Henan Province in eastern central China, the company said. Construction on the plants will begin in December with completion due in October, 2005, the company said, and the company will handle both management and operation of the plants for the next 20 years.
JAPANESE INTERNET AD FIRMS REPORT SHARP RECOVERY IN JUNE QTR
TOKYO - The earnings of the five major Internet advertising firms are rapidly recovering, with each reporting April-June sales increases of 30 per cent or more from the same period in the previous year. The spread of high-speed broadband communications lines enabling more expressive advertising and aggressive campaigns by major consumer goods manufacturers has contributed to the stronger performance. One such company was Dentsu Inc. group firm Cyber Communications Inc. , which reported revenue of 3.57 billion yen (US$30.22 million) for the quarter ended June 30, up 30 per cent.
CARLSBERG MALAYSIA POSTS HIGHER H1 GROUP REVENUE
KUALA LUMPUR - Carlsberg Brewery Malaysia Berhad has posted group revenue of RM467.994 million (US$123.16 million) for the six months ended 30 June 2003, up from RM448.744 million for the same period last year. Group pre-tax profit however declined 23.5 per cent to RM56.252 million in the current half from RM73.509 million last year. Carlsberg said that during the period under review, trade discounting remained at a high level as a result of the intense price competition in the market. The impact of SARS had also adversely affected the sales growth particularly in the second quarter to 30 June 2003.
HK'S RE-EXPORTS OF TELECOM EQUIPMENT UP IN FIRST HALF
HONG KONG - The value of Hong Kong's re-exports of telecommunications and sound recording equipment surged HK$22.8 billion (US$2.92 billion), or 32.1 per cent on year in the first six months of 2003, the Census and Statistics Department said. It said re-exports of electrical machinery and appliances jumped by HK$31.1 billion or 28.6 per cent on year in the current half year. Re-exports of office machines and automatic data processing machines increased by HK$13.2 billion or 18.4 per cent, while re-exports of clothing edged up HK$5.4 billion or 11.7 per cent and textiles by HK$4.0 billion or 9.4 per cent.
ABN AMRO TARGETS 50% GROWTH IN PERSONAL LOANS IN INDIA
NEW DELHI - ABN Amro Bank is targeting 50 per cent growth in the personal loan segment and plans to enter the lucrative housing segment shortly. The housing sector in India has been registering the highest growth among other infrastructure sectors and has the potential of increasing GDP growth by 1-1.5 per cent. With this in mind, most banks in India are focusing on housing loans to improve their asset quality while increasing their retail portfolio. ABN Amro Bank's consumer banking business amounted to Rs 20 billion (US$436 million) last fiscal year.
Asia Pulse Pte Ltd. Each day Asia Pulse creates up to 300 items of news, business opportunities, expert commentary and industry profiles. Asia Pulse is a unique joint venture involving the resources of Asia's major news and information groups:
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