Earning Plays

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Monday, Aug. 25
Fosters Group net income falls 88% on wine write-downs(11:05 pm ET)
HONG KONG (MarketWatch) -- Foster's Group Ltd. (AU:FGL: news, chart, profile) , the world's second-largest wine company, said Tuesday annual net income fell 88%, owing to a large write-down on its global wine operations. Net profit fell to A$117.7 million ($96.03 million) from million from A$966.2 million a year earlier, the company said in a statement Tuesday. Aside from the write-down, profit came in at A$713.2 million. The firm, whose assets include seven of the top ten selling brands of beer in Australia, said it was taking a write-down of $602.9 million. Fosters said the strategic review of its wine business, first announced in June, is expected to completed by the end of 2008
Healthways sees earnings growth, to realign fiscal year(6:41 am ET)
LONDON (MarketWatch) -- Healthways (HWAY: news, chart, profile) reiterated that fiscal year earnings should grow 23% to 27% to a range of $1.50 to $1.55, on revenue between $720 million and $740 million. It also said earnings for the quarter ending Nov. 30 will range between 34 and 37 cents a share, up 13% to 23% from the prior year's quarter. "While this guidance anticipates solid earnings growth from the comparable prior-year period, the sequential-quarter performance reflects a decline in revenue due to the impact of certain contract renegotiations, reduced revenues associated with the winding down of a previously discussed contract terminating at the end of calendar 2008 and the full-quarter effect of small contract losses due to health plan consolidation," the company said. It also said it's changing its fiscal year end to Dec. 31 from Aug. 31 to align its year more closely with its business cycle.
China Life 1H net income falls 32% to $2.3 billion(6:13 am ET)
HONG KONG (MarketWatch) -- China Life Insurance Co. (HK:2628: news, chart, profile) (LFC: news, chart, profile) , the nation's largest insurer, said Monday net income for the first-half declined 32% from a year earlier as the slump in China's equities markets damped returns on investments. Net income totaled 15.8 billion yuan ($2.3 billion), down from 23.3 billion yuan in the year-earlier period. The result exceeded average forecasts for a 10.42 billion yuan net profit, according to analysts polled by Dow Jones Newswires. Gross revenue from premiums and policy fees climbed 24% to 79.29 billion yuan, from 63.75 billion yuan. The insurer said it booked a 6.5 billion yuan fair value loss on its equity investments, versus a 10.8 billion profit a year earlier. The insurer did not propose an interim dividend. China Life also said its investment yield for the half year fell to 2.99%, from 3.36% a year earlier.
China Unicom says 1H net income doubled; revenue up 4.1%(5:16 am ET)
HONG KONG (MarketWatch) -- China Unicom (HK:762: news, chart, profile) (CHU: news, chart, profile) , the second-largest Chinese cellular operator by subscribers, said Monday first-half net income more than doubled from a year earlier, as value-added cellular services boosted revenue. The result was also bolstered by an accounting loss relating to a convertible bond a year earlier. Net profit climbed to 4.42 billion yuan ($645.7 million), from 2.18 billion yuan a year earlier. The result was above the average 4.18 billion yuan forecast of analysts polled by Dow Jones Newswires. The firm said revenue rose 4.1% to 35.14 billion yuan, from 33.77 billion yuan.
Cosco Pacific 1H profit climbs 3.1% on container growth(4:44 am ET)
HONG KONG (MarketWatch) -- Cosco Pacific Ltd. (HK:1199: news, chart, profile) , a port operator, said Monday first-half net income climbed 3.1% from a year earlier, helped by robust container throughput. The company, a constituent of the Hang Seng Index, said net income climbed to $153.2 million, from $148.5 million in the year-earlier period. Revenue climbed 10% to $162.1 million from $147.2 million. The revenue figure did not reflect sales from ports in which Cosco held a stake of less than 50%; however, profit from these operations were included in the financial statement. Cosco said in the midday announcement it would declare a first-half dividend of 3.5 U.S. cents, up from 3.1 U.S. cents a year earlier. Cosco Pacific is a unit of China Cosco Holdings [s; hk:1919]. Shares of Costco rose 4.5% Monday.
Formula Systems net off 81%; continuing operations rise(2:32 am ET)
TEL AVIV (MarketWatch) -- Formula Systems Ltd., (FORTY: news, chart, profile) the Herzliya, Israel, information-technology provider, reported that second-quarter net income fell 81%, reflecting year-earlier earnings from discontinued operations. Earnings from continuing operations rose 1.9% on 24% higher revenue. Net income fell to $4.2 million, or 32 cents a share, from $22.5 million, or $1.71, in the year-earlier quarter. Continuing operations generated 32 cents a share against 31 cents. Revenue reached $151.5 million from $122.2 million. In a statement, Chief Executive Guy Bernstein pointed to three key factors: Magic Software (MGIC: news, chart, profile) swung to operating profit in the second quarter from a loss in the first period, Sapiens (SPNS: news, chart, profile) reported a seventh consecutive quarter of operating profit, and Matrix, the company's key subsidiary, reported higher revenue and operating earnings.
China Netcom 1H net income slips on soft fixed-line business(2:20 am ET)
HONG KONG (MarketWatch) -- China Netcom Group Corp. Ltd (HK:906: news, chart, profile) (CN: news, chart, profile) , the Hong Kong-listed unit of China's largest fixed-line operator by subscribers, said Monday first-half net income fell 5.2% from a year earlier, as its fixed-line business declined. The company reported net income attributable to shareholders of 6.38 billion yuan ($932 million), compared to 6.73 billion in the year-earlier period. The result was better than average analyst forecasts of 5.99 billion yuan, according to a poll by Dow Jones Newswires. Revenue was 41.13 billion yuan, down 1% from 41.54 billion yuan a year earlier.
Sunday, Aug. 24
Sinopec profit dives 87% on rising crude prices(4:13 pm ET)
NEW YORK (MarketWatch) -- China Petroleum & Chemical Corp., popularly known as Sinopec (SNP: news, chart, profile) , posted an 87% second-quarter profit decline of 2.2 billion yuan ($321 million), according to news reports based on calculations from first-half figures released early Monday. Asia's largest oil refiner said that, under Chinese accounting standards, its first-half net profit attributable to shareholders decreased 73% from the year-ago period to 9.34 billion yuan. In discussing the results, the company cited "complicated and severe conditions resulting from soaring crude oil prices, tight price controls on oil products in the domestic market and rising prices of chemical products driven by increased raw materials cost."
Friday, Aug. 22
China Sunergy swings to profit as sales double(6:39 am ET)
LONDON (MarketWatch) -- Solar cell manufacturer China Sunergy Co. (CSUN: news, chart, profile) said Friday that it swung to a second quarter net profit of $3.1 million, or 8 cents a share, from a loss of $3.8 million, or 14 cents a share, a year earlier. Revenue for the period almost doubled to $111.6 million from $56.2 million. The group said its performance was helped by efficiency improvements that helped strengthen margins. Gross margin was 10.4%, compared to 4.9% a year earlier. The company added it still faces potential challenges in the second half from both wafer cost and quality, leading it to forecast a third-quarter margin between 9% and 11%.