Zijin Mining posts lowest H1 profit since 2006

Zijin Mining Group Co, China's biggest gold miner by market value, posted the lowest first-half profit since 2006 after bullion and copper prices dropped and production costs increased. Net income fell 54 percent to 1.1 billion yuan ($180 million), from 2.4 billion yuan a year earlier, the Shanghang, Fujian province-based company said on Tuesday, citing Chinese accounting standards. Last month, the company said interim profit would probably decrease by 45 percent to 55 percent. Sales increased 24 percent to 26 billion yuan. That's the lowest first-half profit since 2006, when the company reported interim net income of 662.1 million yuan.

Hon Hai beats estimates as China factories lower costs

Hon Hai Precision Industry Co, the Taiwan-based assembler of Apple Inc's iPhones and iPads, posted second-quarter profit that beat analyst estimates as it lowered costs by building factories in inland China. Net income rose 41 percent to NT$17 billion ($567 million) from NT$12 billion a year earlier, the company said on Tuesday. The average of 14 analyst estimates compiled by Bloomberg was for profit of NT$15.5 billion. Hon Hai sales have gained on stronger demand for non-Apple products while the second half may see the release of new versions of the iPad and iPhone.

Baosteel raises prices for delivery in September

Buoyed by robust transactions since July, the nation's leading steelmaker, Baoshan Iron and Steel Co Ltd, raised on Aug 13 the ex-factory price of hot-rolled coils by 150 yuan ($24.5) per metric ton for September delivery, and the price of other major products was marked up by 120 yuan a ton. It's the first time the Shanghai-based steel mill has increased product prices since May. Baosteel, as the company is known, lowered prices for its main products in June and July on soft demand, and kept prices unchanged in August. The steel market is showing signs of a rebound.

Govt to unveil long-term plan for property market

China is expected to unveil a plan in the next three months for a long-term mechanism to allow the healthy development of the real estate market, a senior industry official said on Wednesday. The plan - outlining measures on urbanization development and a long-term development mechanism concerning the property sector - will be released soon, Zhu Zhongyi, vice-president of the China Real Estate Industry Association, told the ongoing 2013 Bo'ao Real Estate Forum held in south China's resort city of Sanya.

July electricity use doubles growth in last year

Electricity consumption in China, an indicator of economic activity, rose 8.8 percent year-on-year to 495 terawatt-hours in July, the National Energy Administration said on Wednesday. The growth was 4.3 percentage points higher than a year earlier and 2.5 percentage points more than in June, the NEA said. In the first seven months of the year, power consumption increased 5.7 percent year-on-year to 2,990 terawatt-hours. During the same period, electricity use by the service sector grew 9.9 percent, to 351 terawatt-hours, while the industrial sector used 2,210 terawatt-hours, 5.4 percent more than a year ago.

Mobile payments grow by triple digits in Q2

Payments through mobile devices in China grew by triple digits in the second quarter as the market for online transactions continued its robust growth, according to a central bank report issued on Tuesday. There were 371 million mobile transactions in the second quarter nationwide, up 274.7 percent from a year ago. Transaction volume surged 363.9 percent compared with the same quarter last year and reached 2.07 trillion yuan ($338 billion). This marks the fastest period of growth ever in the country's online payment industry. This year, sales reached 251.02 trillion yuan and the number of transactions increased to 6.23 billion.

Shrimp exports to US face anti-subsidy duties

The US Commerce Department ruled on Tuesday that China and four other countries have been receiving subsidies for their shrimp product exports to the United States. The ruling applies to shrimp imports from China, India, Ecuador, Malaysia and Vietnam. The US International Trade Commission will evaluate whether the alleged subsidies have threatened shrimp companies in the US, and if proven, tariffs of up to $1.7 billion will be imposed on shrimp imports from the five countries.

China Daily - Agencies

(China Daily USA 08/15/2013 page14)