SAMSUNG HEAVY'S Q1 NET PROFIT RISES 29 PCT
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipbuilder, said today its first-quarter earnings rose 29 per cent on-year on the back of the increased building of high-priced ships.
Net income came to 115.8 billion won (US$114 million) in the January-March period, compared with 90 billion won a year ago, Samsung Heavy Industries said in a regulatory filing.
Sales added 33 per cent to 2.4 trillion won during the same period and operating profit more than tripled to 223.6 billion won.
AUSTRALIA'S ST GEORGE BANK POSTS 10.1 PCT FALL IN H1 PROFIT
Sydney (ANTARA News/Asia Pulse) - St George Bank Ltd (ASX:SGB) has delivered a fall in first half profit and narrowed its earnings guidance for the full year, after equity market volatility impacted its bottom line.
Australia's fifth largest bank made a net profit of $A514 million ($US486.19 million) for the half year ended March 31, down 10.1 per cent on the previous corresponding period.
Cash earnings, a truer measure of a bank's profitability, rose 6.2 per cent to A$603 million.
St George said it expected a "significantly" stronger performance in the second half of fiscal 2008, as cost controls, a reduction in investment earnings volatility and the benefits of asset and fee repricing flow through.
INDONESIA'S MEDCO TO SPEND $US150 MLN FOR WELL DRILLING
Jakarta (ANTARA News/Asia Pulse) - PT Medco E&P Indonesia said it will spend at least US$150 million for drilling of 100 wells this year.
The subsidiary of PT Medco Energi Internasional plans to drill 80 exploration wells and 20 development wells this year with a production target of 47,000 barrels of crude oil per day.
Company president Lukman Mahfied said it will also spend US$110 million to build facilities for development of oil and gas blocks including the A Block in Aceh, Lematang Block in South Sumatra and he Senoro block in Southeast Sulawesi.
TAIWAN BANKS' CROSS-STRAIT 07 OBU REMITTANCES EXCEED US$200 BLN
Taipei (ANTARA News/Asia Pulse) - The amounts of funds remitted across the Taiwan Strait in both directions via Taiwan banking institutions' offshore banking units (OBUs) and overseas subsidiaries totaled US$209.8 billion in 2007, the Financial Supervisory Commission (FSC), Executive Yuan reported Monday.
The figure represents an increase of 27 per cent over that posted in 2006, FSC officials said.
The amounts include personal individual remittances across the Taiwan Strait and remittances for cross-strait import and export trade, the officials said.
MALAYSIA'S PUTRAJAYA PERDANA WINS US$56.4 MLN PORT PROJECT
Kuala Lumpur (ANTARA News/Asia Pulse) - Putrajaya Perdana Berhad (KLSE:5117) has won a RM180.5 million (US$56.4 million) contract for construction of wharves at Pelabuhan Tanjung Pelepas (PTP), a port for container ships located on the eastern mouth of the Pulai River in south-western Johor.
Its wholly-owned unit, Putra Perdana Construction Sdn Bhd, received the award from Pelabuhan Tanjung Pelepas Sdn Bhd on May 5 in respect of Phase II of the project for the construction and maintenance of wharf structures Berth 11 & 12 and back of wharf works.
The commencement date for the project was 30 April 2008, it said in a statement.
PHILIPPINES' POWER CO MERALCO'S Q1 INCOME HITS US$15.8 MLN
Manila (ANTARA News/Asia Pulse) - Distribution giant Manila Electric Company (Meralco) reported that its net income for the first quarter of 2008 hit P655 million (US$15.8 million), an increase of 23.2 per cent from its P532 million income in the same period last year.
Meralco said energy sales jumped by 1.9 per cent to 6,165 gWh. However, this is lower by 3.7 per cent as compared to 2006. The company's total revenues dropped by 9.5 per cent to P43.64 billion as against the P48.20 billion last year as a result of lower average generation and system loss charges.
AUSTRALIA'S CENTRAL BANK LEAVES RATES ON HOLD AT 7.25 PCT
Sydney (ANTARA News/Asia Pulse) - The Reserve Bank of Australia (RBA) left interest rates on hold today at a near 12-year high of 7.25 per cent but the central bank governor has hinted that rising terms of trade would add to inflationary pressures.
The RBA decision was announced on the same day the Australian Bureau of Statistics revealed Australia recovered from its worst-ever trade deficit in March thanks to a surge in resource exports.
RBA governor Glenn Stevens said in the statement that the outlook for demand and inflation was uncertain, as Australia's terms of trade added to spending.
PHILIPPINES CALLS OFF RICE AUCTION AFTER VIETNAM WITHDRAWS
Bangkok (ANTARA News/Asia Pulse) - The Philippine government has cancelled the current round of bidding to import 500,000 tonnes of rice following Vietnam's withdrawal.
The Thai Rice Exporters' Association president Chukiat Opaswong said he received reports that the Philippines had no choice but to call off the bidding on Monday because no country had submitted a bid.
Vietnam, considered the strongest contender to clinch the deal to sell rice to the Philippine government, notified Manila that it was "not prepared" to take part in the bidding.
However, analysts including Mr. Chukiat himself believed that Vietnam withdrew because it wanted to slow exports in the face of surging prices in its domestic market.
STANDARD CHARTERED UPS STAKE IN ASIA COMMERCIAL BANK TO 15%
Hanoi (ANTARA News/Asia Pulse) - Standard Chartered Bank has increased its stake in Asia Commercial Bank to 15 per cent. Standard Chartered acquired a 6.16 per cent interest from the International Finance Corporation (IFC), raising its holdings from 8.84 per cent to the maximum of 15 per cent allowed to be held by a single foreign strategic investor.
Under the deal, the London-based bank also increased its holdings in Asia Commercial Bank's outstanding convertible bonds from 8.76 per cent ot 15.86 per cent.
Ray Ferguson, regional CEO of Standard Chartered, said his bank was impressed with Asia Commercial Bank's growth over the past three years, a rate far higher than the industry average in Vietnam.
DOOSAN AIMS TO LEAD CHINA'S CONSTRUCTION MACHINERY INDUSTRY
Beijing (ANTARA News/Asia Pulse) - South Korean engineering machinery manufacturer Doosan (KSE:034020) has set a target of selling 13,500 excavators in China this year, and is also aiming for the top construction machinery supplier in the Chinese market by 2012, according to Doosan China.
Doosan also plans to introduce its loader business to the Chinese market in the second half of this year.
The South Korean machinery maker entered the Chinese heavy equipment market in 1997 and has cumulatively sold 50,000 excavators over the past decade.
Its excavator sales in China hit 2,910 units in March this year, a record monthly high, and 4,817 units in the first quarter, up 50 per cent year on year.
Source:
Business in Asia Today - MAY 06, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipbuilder, said today its first-quarter earnings rose 29 per cent on-year on the back of the increased building of high-priced ships.
Net income came to 115.8 billion won (US$114 million) in the January-March period, compared with 90 billion won a year ago, Samsung Heavy Industries said in a regulatory filing.
Sales added 33 per cent to 2.4 trillion won during the same period and operating profit more than tripled to 223.6 billion won.
AUSTRALIA'S ST GEORGE BANK POSTS 10.1 PCT FALL IN H1 PROFIT
Sydney (ANTARA News/Asia Pulse) - St George Bank Ltd (ASX:SGB) has delivered a fall in first half profit and narrowed its earnings guidance for the full year, after equity market volatility impacted its bottom line.
Australia's fifth largest bank made a net profit of $A514 million ($US486.19 million) for the half year ended March 31, down 10.1 per cent on the previous corresponding period.
Cash earnings, a truer measure of a bank's profitability, rose 6.2 per cent to A$603 million.
St George said it expected a "significantly" stronger performance in the second half of fiscal 2008, as cost controls, a reduction in investment earnings volatility and the benefits of asset and fee repricing flow through.
INDONESIA'S MEDCO TO SPEND $US150 MLN FOR WELL DRILLING
Jakarta (ANTARA News/Asia Pulse) - PT Medco E&P Indonesia said it will spend at least US$150 million for drilling of 100 wells this year.
The subsidiary of PT Medco Energi Internasional plans to drill 80 exploration wells and 20 development wells this year with a production target of 47,000 barrels of crude oil per day.
Company president Lukman Mahfied said it will also spend US$110 million to build facilities for development of oil and gas blocks including the A Block in Aceh, Lematang Block in South Sumatra and he Senoro block in Southeast Sulawesi.
TAIWAN BANKS' CROSS-STRAIT 07 OBU REMITTANCES EXCEED US$200 BLN
Taipei (ANTARA News/Asia Pulse) - The amounts of funds remitted across the Taiwan Strait in both directions via Taiwan banking institutions' offshore banking units (OBUs) and overseas subsidiaries totaled US$209.8 billion in 2007, the Financial Supervisory Commission (FSC), Executive Yuan reported Monday.
The figure represents an increase of 27 per cent over that posted in 2006, FSC officials said.
The amounts include personal individual remittances across the Taiwan Strait and remittances for cross-strait import and export trade, the officials said.
MALAYSIA'S PUTRAJAYA PERDANA WINS US$56.4 MLN PORT PROJECT
Kuala Lumpur (ANTARA News/Asia Pulse) - Putrajaya Perdana Berhad (KLSE:5117) has won a RM180.5 million (US$56.4 million) contract for construction of wharves at Pelabuhan Tanjung Pelepas (PTP), a port for container ships located on the eastern mouth of the Pulai River in south-western Johor.
Its wholly-owned unit, Putra Perdana Construction Sdn Bhd, received the award from Pelabuhan Tanjung Pelepas Sdn Bhd on May 5 in respect of Phase II of the project for the construction and maintenance of wharf structures Berth 11 & 12 and back of wharf works.
The commencement date for the project was 30 April 2008, it said in a statement.
PHILIPPINES' POWER CO MERALCO'S Q1 INCOME HITS US$15.8 MLN
Manila (ANTARA News/Asia Pulse) - Distribution giant Manila Electric Company (Meralco) reported that its net income for the first quarter of 2008 hit P655 million (US$15.8 million), an increase of 23.2 per cent from its P532 million income in the same period last year.
Meralco said energy sales jumped by 1.9 per cent to 6,165 gWh. However, this is lower by 3.7 per cent as compared to 2006. The company's total revenues dropped by 9.5 per cent to P43.64 billion as against the P48.20 billion last year as a result of lower average generation and system loss charges.
AUSTRALIA'S CENTRAL BANK LEAVES RATES ON HOLD AT 7.25 PCT
Sydney (ANTARA News/Asia Pulse) - The Reserve Bank of Australia (RBA) left interest rates on hold today at a near 12-year high of 7.25 per cent but the central bank governor has hinted that rising terms of trade would add to inflationary pressures.
The RBA decision was announced on the same day the Australian Bureau of Statistics revealed Australia recovered from its worst-ever trade deficit in March thanks to a surge in resource exports.
RBA governor Glenn Stevens said in the statement that the outlook for demand and inflation was uncertain, as Australia's terms of trade added to spending.
PHILIPPINES CALLS OFF RICE AUCTION AFTER VIETNAM WITHDRAWS
Bangkok (ANTARA News/Asia Pulse) - The Philippine government has cancelled the current round of bidding to import 500,000 tonnes of rice following Vietnam's withdrawal.
The Thai Rice Exporters' Association president Chukiat Opaswong said he received reports that the Philippines had no choice but to call off the bidding on Monday because no country had submitted a bid.
Vietnam, considered the strongest contender to clinch the deal to sell rice to the Philippine government, notified Manila that it was "not prepared" to take part in the bidding.
However, analysts including Mr. Chukiat himself believed that Vietnam withdrew because it wanted to slow exports in the face of surging prices in its domestic market.
STANDARD CHARTERED UPS STAKE IN ASIA COMMERCIAL BANK TO 15%
Hanoi (ANTARA News/Asia Pulse) - Standard Chartered Bank has increased its stake in Asia Commercial Bank to 15 per cent. Standard Chartered acquired a 6.16 per cent interest from the International Finance Corporation (IFC), raising its holdings from 8.84 per cent to the maximum of 15 per cent allowed to be held by a single foreign strategic investor.
Under the deal, the London-based bank also increased its holdings in Asia Commercial Bank's outstanding convertible bonds from 8.76 per cent ot 15.86 per cent.
Ray Ferguson, regional CEO of Standard Chartered, said his bank was impressed with Asia Commercial Bank's growth over the past three years, a rate far higher than the industry average in Vietnam.
DOOSAN AIMS TO LEAD CHINA'S CONSTRUCTION MACHINERY INDUSTRY
Beijing (ANTARA News/Asia Pulse) - South Korean engineering machinery manufacturer Doosan (KSE:034020) has set a target of selling 13,500 excavators in China this year, and is also aiming for the top construction machinery supplier in the Chinese market by 2012, according to Doosan China.
Doosan also plans to introduce its loader business to the Chinese market in the second half of this year.
The South Korean machinery maker entered the Chinese heavy equipment market in 1997 and has cumulatively sold 50,000 excavators over the past decade.
Its excavator sales in China hit 2,910 units in March this year, a record monthly high, and 4,817 units in the first quarter, up 50 per cent year on year.
Source:
Business in Asia Today - MAY 06, 2008
published by Asia Pulse
COPYRIGHT © 2008
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