Issue: August 24, 2006 (Archive)

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Netcom profit falls 7.7pc as mobile competition bites
China Netcom Group (Hong Kong) (0906) - the smaller of the mainland's two fixed-line operators - reported its first-half earnings fell 7.7 percent as it cut telephone tariffs in the face of increased competition from mobile operators such as China Mobile (Hong Kong) (0941).

Chalco posts 89.76pc rise in profit on increased sales
Aluminum Corp of China (2600), or Chalco - the mainland's largest aluminum smelter and the world's second- largest producer of alumina - reported a better-than-expected first-half profit rise of 89.76 percent on increased prices and sales.

Wharf net dips 1pc but rising rents to lift outlook
Wharf Holdings (0004), which invests in properties, ports and communications, said Wednesday better performance from core businesses will boost profits in the second half after the company posted stagnant net profit for the first half.

US$2.74b Kazakh deal to boost PetroChina output
Fresh from posting record net profit for the first half, PetroChina (0857), the mainland's largest oil producer, announced Wednesday it plans to spend US$2.74 billion (HK$21.37 billion) to acquire a 67 percent stake in various oilfield assets in Kazakhstan, through a joint venture with its parent company, in order to further boost output and profitability.

Threat to get tough in homes sales row
The government has warned it will consider taking tough measures - including legislation - to regulate sales of uncompleted flats amid escalating disputes over recent sales tactics by property developers.

Link chief allays restructuring concerns
Link REIT (0823) chairman Paul Cheng Ming-fun said he is not worried about any restructuring of its board following the appointment of a hedge-fund representative as a director last month.

Shui On sets sights on Beijing project
Shui On Construction and Materials (0983) is in talks to invest up to 800 million yuan (HK$780 million) to acquire and develop a distressed Grade-A office project in Beijing.

Tencent up 43pc as services and ad revenue grow
Tencent - provider of the mainland's most popular instant-messaging service, QQ - saw a 43.3 percent jump in second-quarter profit.

Great Wall Motor raises export target
Great Wall Motor (2333), the mainland's biggest maker of pick-up trucks, plans to export more vehicles overseas in the next three years, with a target of 20,000 units in 2008.

Shanghai Industrial net soars
Robust performance in its infrastructure business boosted Shanghai Industrial Holdings' (0363) first-half net profit to HK$625 million, a rise of 20.1 percent from a year earlier.

China Shipping in cargo deal after results blow
After posting disappointing first-half results Wednesday, China Shipping Development (1138) said it plans to sign a two-year contract with a strategic partner to provide transportation for dry bulk cargo, with the aim of limiting the impact of freight rate fluctuations.

Investment likely to slow
China's fixed-asset investment is likely to slow further as government curbs bite, reducing the need for new tightening steps, but Beijing cannot afford to drop its guard, according to a senior government economist.

Shenzhen Zhongji makes tracks in rail
Shenzhen Zhongji Industrial Development (Group) is to become the first private company to own a rail line in China after it agreed to buy Luoding Railway for 42 million yuan (HK$41 million).

Experts not banking on WTO pledge
China is unlikely to live up to its World Trade Organization commitment to provide full market access to foreign banks by the end of this year, experts said in Washington.

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