ZTE gave temporary reprieve on export curbs

    THE U.S. Government gave Shenzhen-based telecom equipment and smartphone maker ZTE Corp. a three-month reprieve on tough export restrictions it imposed earlier this month, the U.S. Department of Commerce said yesterday.

    The department March 8 imposed some of the toughest-ever U.S. export restrictions on ZTE for allegedly breaking U.S. sanctions against Iran. The agency said it would ease the restrictions until June 30. Experts had said the restrictions would have caused disruption across ZTE’s sprawling global supply chain.

    Mengniu Dairy net profit rises slightly

    MILK company China Mengniu Dairy Co. said yesterday that its 2015 net profit rose slightly, while its revenue declined in a fiercely competitive dairy market, the company said.

    Net profit in 2015 increased 0.7 percent to 2.37 billion yuan (US$365.1 million). The company didn’t give a specific reason for the increase. Revenue declined 2 percent to 49.03 billion yuan as the company stepped up promotional efforts in the face of tough market competition, it said. Gross profit declined as well as a result. The company recommended a final dividend of 0.14 yuan per share, down from 0.28 yuan a year ago.

    China Coal Energy swings to net loss

    CHINA Coal Energy Co. yesterday said it swung to a net loss of 3.27 billion yuan (US$504 million) for 2015, partly because of the continued fall of coal prices in China.

    The Hong Kong and Shanghai-listed coal mining company said the net loss for last year reversed a net profit of 141.1 million yuan a year earlier, while its 2015 revenue fell 16 percent to 59.27 billion yuan. The company didn’t propose a final dividend for 2015.

    Haier Electronics annual profit growth slows

    HAIER Electronics Group Co. profit grew last year at the slowest pace since 2008 as a slumping economy eroded sales at the home appliances distributor and maker.

    Net income rose 10 percent to 2.7 billion yuan (US$416 million) in 2015, in line with the 2.7 billion yuan average analyst estimate, the Hong Kong-listed subsidiary of Haier Group said in a statement Tuesday. Sales dropped 6.4 percent, the first decline since 2005. The company didn’t provide a forecast for 2016. The firm said the current year will be tough as well as businesses and consumers are squeezed by the deepest economic slowdown since 1990.