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NEWS CORP'S ANNUAL PROFIT SOARS 57 PCT TO US$5.39 BLN
SYDNEY - Media giant News Corporation (ASX:NWS) has reported a 57.2 per cent jump in annual profit following strong results for its television and film businesses and says it's well positioned to deliver continued, if less, robust growth. The company said its print operations had also performed well, due to the inclusion of the Dow Jones & Co media business unit and its Australian newspaper business benefiting from solid advertising growth. Group net income rose 57.2 per cent to US$5.387 billion in the year ended June 30, from US$3.426 billion year-on-year and operating income was US$5.381 billion, up 21 per cent.
CHINACOAL'S PROFITS SOAR 90% IN H1
BEIJING - China Coal Energy Co., Ltd. (SSE:601898, SEHK:1898) realized gross profits of 7.2 billion yuan (US$1.05 billion) in January-July this year, soaring 90.6 per cent year-on-year, according to unaudited data released by the company Tuesday. Operating turnover in the period reached 47.1 billion yuan, up 49.7 per cent from the same period last year. The company's total coal sales in the period amounted to 54.251 million tons, up 12.4 per cent on-year. Output of core products grew rapidly with coal production reaching 57.489 million tons, an increase of 10.7 per cent, and output of coal mining equipment totalling 131.00 tons, up 16.2 per cent.
PLANT SHUTDOWN TO COST SSANGYONG MOTOR US$2.2 BLN
SEOUL - Ssangyong Motor Co. (KSE:05930), the South Korean unit of China's Shanghai Automotive Industry Corp., said today an 18-day shutdown of its sole plant here will cause it to lose 2.2 trillion won (US$2.16 billion) in lost production. Ssangyong has shut its auto assembly plant in Pyeongtaek, about 65 kilometers south of Seoul, from July 31 until August 17 to adjust production in reaction to slowing sales. South Korea's smallest automaker, has been hit hard by higher fuel prices because its lineup is dominated by gas-guzzling sports-utility vehicles. Ssangyong saw its sales fall 26 per cent in the first six months of this year. In the first quarter of this year, Ssangyong posted a net loss of 34 billion won as sales declined 19 per cent.
SONY SEALS DEAL TO TAKE FULL CONTROL OF MUSIC VENTURE SONY BMG
NEW YORK - Sony Corp. (TSE:6758) and German media giant Bertelsmann AG announced Tuesday that their US music company, Sony BMG Music Entertainment, will become a wholly owned sales subsidiary of Sony Corp. of America, which now owns 50 per cent of the joint venture. The change is expected to take effect this fall once US regulatory authorities give their approval. Sony will then rename the firm Sony Music Entertainment Inc. and shift into high gear to expand its business melding music delivery and other content with hardware. The new company will work to deepen the relationship with UK-based Sony Ericsson Mobile Communications AB. The acquisition of Sony BMG will cost Sony around US$600 million and will net roughly US$1.2 billion for Bertelsmann.
CATHAY PACIFIC POSTS US$85 MLN H1 NET LOSS
HONG KONG - Cathay Pacific Airways (SEHK:0293) has reported a net loss of HK$663 million (US$84.98 million) in the first six months of this year, as soaring fuel prices offset rising passenger demand. Cathay, which owns regional carrier Dragonair and has an 18.1 per cent stake in mainland carrier Air China (SSE:601111), posted the interim loss after booking a net profit of HK$2.58 billion in the same period last year. Group turnover rose 22.6 per cent over the same period in 2007 to HK$42,448 million, but fuel costs rose 83 per cent to HK$19.31 billion, offsetting significant increases in both passenger and cargo revenue.
MITSUBISHI UFJ LOGS 66% DROP IN NET PROFIT FOR APRIL-JUNE QTR
TOKYO - Mitsubishi UFJ Financial Group Inc. (MUFG) (TSE:8306) reported a 66 per cent year-on-year plunge in consolidated net profit on Tuesday to 51.1 billion yen (US$473 million) for the April-June quarter due to a sharp increase in loan-loss reserves. The decline in net profit was the largest among Japan's three megabanks. MUFG's net business profit, an indicator of earnings from core operations, slipped 21 per cent to 173.8 billion yen at its banking units. Weak demand for funds from corporations led to sluggish lending and commission revenue from the sale of investment trusts and other services declined due to the stock market slump. Losses related to the US subprime mortgages totaled 16 billion yen.
AUSTRALIAN MEDICAL EQUIPMENT CO RESMED POSTS 66% JUMP IN FY08 NET
SYDNEY - Investors in ResMed Inc (ASX:RMD) will be having sweet dreams tonight after the sleep management company increased its annual profit by two thirds, sending its shares up over 13 per cent. Net profit in the 12 months to June 30 jumped 66 per cent to US$110.3 million and ResMed said it was well positioned to deliver strong growth in fiscal 2009. Chief executive Kieran Gallahue said the company was encouraged by the traction gained by its recent product releases like a new series of flow generators and nasal pillow masks. "Our industry received positive signals that it is poised for continued growth," he said. These signals included favourable US Medicare rulings and updated insurance policies from private health insurers.
EXXON MOBIL TO START EXPLORATION IN WEST SULAWESI BLOCK LATE 2008
MAKASSAR, S Sulawesi - Exxon Mobil Oil Indonesia Inc will be ready to start oil and gas explorations in the Mandar Block, West Sulawesi, after completing a survey on the block's potential reserves, a company spokesman said. "At present, the location believed to hold oil and gas reserves is still being surveyed. Hence, drilling activity can hopefully be started late this year," Vasta Choosin, public affairs manager of Exxon Mobil Oil Indonesia Inc said Tuesday. The company's preparations in the region will require a lengthy period of about five years after initial exploration, Choosin said, adding that the investment needed could reach US$1 billion.
SINGAPORE-LISTED CHINA AVIATION OIL'S Q2 PROFIT UP 222%
SINGAPORE - Singapore-listed China Aviation Oil Corp. Ltd. (CAO) (SGX:G92) said Tuesday its net profit in the second quarter rose by 222 per cent to US$17.5 million compared with the same period of last year. Excluding the divestment gain of US$134.8 million from the sale of the firm's 5 per cent stake in Spanish company Compaoa Logistica de Hidrocarburos (CLH) in the second quarter last year, CAO said in a statement, its net profit in the second quarter this year was 222 per cent higher than the corresponding period last year. This was mainly attributable to a gain on derivatives derived from physical jet fuel supply and higher volume of jet fuel procured and supplied, it said.
DAIICHI'S OPEN OFFER FOR 20 PCT IN RANBAXY TO OPEN ON AUG 16
MUMBAI - Ranbaxy Laboratories (BSE:500359) on Tuesday said that an open offer by the Japanese drug maker Daiichi Sankyo (TSE:4568) to acquire an additional 20 per cent stake will commence on August 16. Daiichi's open offer price at Rs 737 per share represents a premium of 53.5 per cent to Ranbaxy's average daily closing price on the National Stock Exchange for the quarter ended June 10, the Japanese firm had earlier said in a statement. On successful completion, Daiichi would hold over 58.09 per cent stake in Ranbaxy valued at over Rs 150 billion (US$3.5 billion). The acquisition is expected to complete by March 2009, after which Ranbaxy would continue to be listed in India.
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