China Industry: Apr. 7
Apr. 7 – This is a regular series of relevant industry news from around China.
In order to stimulate the country’s solar industry, China’s Ministry of Finance will provide a subsidy of RMB20 per watt-peak for building integrated photovoltaics with a capacity of more than 50 kilowatt-peaks.
Korean low-cost airline Jin Air, a wholly owned subsidiary of Korean Air Lines Co. will launch flights to China and Thailand from October.
Malaysian budget airline AirAsia will also start flying to China – between Tianjin and Kuala Lumpur from April 2.
China Eastern Airlines Corporation Limited has named Wu Yongliang chief financial officer, effective immediately. Wu replaces Luo Weide, who left the company due to health reasons.
Low-cost airline Spring Airlines received its first Airbus A320 and will get five more as part of an order placed in 2006/2007. The company plans to purchase 10 more aircraft from Airbus. In total, all 16 could cost RMB6 billion.
Taiwan-based non-profit organization Metal Industries Research & Development Center has invited Tatung, Shihlin Electric & Engineering Corp. and Far East Machinery Co. to establish an alliance focused on development of large wind turbines. The chairman of the organization, Huang Chi-chuan, said that the partnership’s aim will be to create facilities manufacturing 2,500 kilowatts wind turbines.
China Wind Systems booked US$10.9 million in net revenues for the fourth quarter of 2008, 39 percent more than a year earlier. Gross profit also jumped by 15.7 percent to US$2.7 million. Moreover, net income increased to US$1.5 million, compared with US$0.9 million in the fourth quarter of 2007. Earnings per share remained stable at US$0.02 per diluted share.
For the entire 2008, the company’s net revenues increased 73.2 percent to US$42.3 million while gross profit reached US$10.5 million, up 49.5 percent on the year. Net income came in at US$5.8 million, or US$0.09 per diluted share.
This industry report brief is courtesy of Aii Data Processing.
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