China Coal Energy swings to net loss

    CHINA Coal Energy Co., China’s second-largest coal enterprise, said yesterday it expects a protracted fall in coal prices and a macroeconomic slowdown to continue to hit its bottom line, leading to a net loss in 2015.

    The coal miner said it swung to a net loss of 1.67 billion yuan (US$262.9 million) in the nine months ended September from a net profit of 659.2 million yuan in the same period a year earlier. Operational revenue fell 13.8 percent from a year earlier to 44.88 billion yuan from 52.08 billion yuan and coal sales revenue dropped to 31.64 billion yuan from 42.84 billion yuan last year.

    CCCC to develop Mexican industrial park

    CHINA Communications Construction Co. (CCCC) reached a preliminary accord Tuesday to build an industrial park in Mexico that could become one of the biggest-ever Chinese investments in Latin America’s second-largest economy.

    The government of the western state of Jalisco and Liu Yueping, Americas chief of CCCC, signed a memorandum in Guadalajara, the state capital, to develop the park. It could give China a major foothold to supply the North American market. The two sides agreed to carry out a six-month feasibility study to identify a suitable location and for two trips by officials to China to assess which manufacturing companies could participate. Jalisco officials hope that dozens will come.

    China Telecom profit rises 1.2%

    CHINA Telecom Corp. yesterday said its net profit for the nine months ended in September rose 1.2 percent from a year earlier to 16.36 billion yuan (US$2.57 billion).

    The company, one of China’s largest telecom providers, said operating revenue rose 1.1 percent to 246.32 billion yuan. The total number of mobile subscribers had a net increase of 8.72 million, taking the total up to 194 million.

    Three firms weigh Starwood Hotels bid

    A TRIO of Chinese companies are consulting the Chinese Government on a possible bid for U.S. hotel giant Starwood, The Wall Street Journal reported Tuesday.

    Shanghai Jin Jiang International Hotels, HNA Group and sovereign wealth fund China Investment Corp. have all expressed interest to the government in bidding for Starwood Hotels & Resorts Worldwide, the paper said, citing unnamed sources. Starwood’s properties include the Sheraton, Westin and W hotel chains.