China companies - About six in ten China companies listed in Singapore have done better for their third quarter than they did a year ago, with about three in ten saying that their net profit fell. The rest swung into the red after making a profit in 2005. Data compiled by BT show that out of the 55 China companies that have reported their third-quarter results for FY2006, 35 had higher earnings than a year ago. Fifteen of them saw net income fall and three reversed fortunes to make a loss. Two - China Aviation Oil and Pan Hong Property - made a profit after losing money last year. Just over 120 China companies are listed on SGX and the data only looked at companies that have December year-ends. By comparison, more than 70 per cent of SGX-listed firms that have reported their third-quarter earnings for FY2006 are bringing in more money than they were a year ago. Among China listings, the company that made the biggest improvement in percentage terms was Guangzhao Industrial Forest Biotechnology Group. Guangzhao, which grows trees for industrial uses, said net profit increased more than four times from $1.38 million to $6.11 million, after conversion from the Chinese yuan. Earnings per share also went up more than four times from 0.28 cents to 1.23 cents. Another notable was China Aviation Oil, which made $12.49 million this third quarter after losing $13,000 in the corresponding quarter last year. Turnover was $1.46 billion, compared to $4.05 million a year ago. CAO had returned to jet fuel procurement on a principal basis for the first time. This means that CAO can now record the entire value of the underlying contracts it receives as revenue, instead of recording only the commission income as it did in previous quarters. Other firms that turned out good results were Pine Agritech, Fibrechem Technologies and Jiutian Chemical. These three doubled their earnings from a year ago. Among those whose profit fell were Yanlord
Land Group, Full Apex, China Sun Bio-Chem, China Paper Holdings and Landwind Medical.
