|
Value Partners profits up
Value Partners Group Ltd's net profits jumped nearly 66 percent in 2007, driven by a surge in assets under management and fees triggered by strong fund performance, the money manager said late on Tuesday.
The Hong Kong-based fund house said its net income rose to HK$1.42 billion, or HK$0.89 per share, compared with HK$856.2 million, or HK$0.54 per share, in the same period a year earlier.
Revenue rose to HK$2.61 billion from HK$1.52 billion in 2006.
Turnover surged as assets under management jumped to $7.3 billion from about $4.5 billion a year earlier. The company reported its assets under management in US dollars.
JV partner eyes assets
Henderson Investment Ltd, whose shares doubled yesterday, said that a joint venture (JV) partner had expressed interest in buying certain assets from the firm.
The company, controlled by Hong Kong tycoon Lee Shau-kee's Henderson Land, sold off most of its key assets to its parent firm last year.
In a statement, the company said it was not aware of why the stock was so active, and the firm did not identify the JV partner or which assets the partner was eyeing.
CNOOC, Shandong boost ties
CNOOC and Shandong province want to push forward their cooperation in the downstream sector following a framework deal agreed to in early January, a local newspaper reported yesterday.
"Both sides should quickly start integrating local refiners, building ports and oil storage tanks," the Dazhong Daily newspaper quoted Deputy Governor of Shandong Wang Renyuan as saying during a bilateral meeting.
"Favorable conditions should also be facilitated for a liquefied-natural-gas project and implemented as soon as possible, while projects for a chemical park, natural-gas pipelines, gas supply to cities and sales networks for oil products should also be considered," Wang said.
HK dollar falls
The Hong Kong dollar fell yesterday amid arbitrage buying of the US currency.
One dealer said some market players sold the Hong Kong currency for US dollars to take advantage of an interest-rate differential.
He added that the local overnight interbank rate was trading below 1 percent for most of the day, compared with the US overnight rate at 2.90 percent.
The local currency last traded at 7.7828/30 per dollar, having touched a morning low of 7.7848, down 0.02 percent from late Tuesday trade in Asia. Some dealers said the USD/HKD spot rate could head towards 7.79 if it breaks 7.7850 in the near term.
CITIC Bank profits grow
China CITIC Bank Corp, the mainland's seventh-largest lender, more than doubled its 2007 net profits, topping expectations, driven by a surge of fee-based income and widening interest margins.
CITIC Bank, of which Spain's Banco Bilbao Vizcaya Argentaria owns 4.83 percent, reported net profits of 8.32 billion yuan in 2007, compared with 3.86 billion yuan in 2006.
On average, seven analysts polled by Reuters expected net profits of 7.74 billion yuan last year, with 4.5 billion yuan in profits seen in just the second half.
CITIC Bank, which raised $5.4 billion via a simultaneous Hong Kong and Shanghai IPO in April last year, had forecasted full-year 2007 earnings of at least 5.7 billion yuan during marketing for its listing.
Hong Kong shares in CITIC Bank are trading 33 percent below their IPO price of HK$5.86. They are down 20 percent this year through Wednesday compared with a 19 percent drop in the benchmark Hang Seng Index, pummelled by a rout in a global equity market.
Reuters
|
