
1H13lossnarrowedby80%,inlinewithguidance—CCHreported1H13netlossofRmb990mn,narrowedby79.7%vs.1H12,inlinewiththepreviousprofitalert.Totalrevenuedeclined6.3%YoYtoRmb31.1bn,mainlyduetothelowerrevenuecontributionfromitsshippingbusiness.Totalcostsdeclined9.5%YoY,amongwhichbunkercostsandoperationalleasewerereducedby15.9%and21.5%,respectively.Bottomlinewashelpedby~Rmb3.0bnonthedisposalgai...

Inline1H13.Vinda’s1H13netprofitrose10%toHK$284m.Earningshavebenefitedfromalowertaxratethankstotaxplanningandasharpincreaseinotherincome:HK$30min1H13comparedwithlessthanHK$1min1H12.Withouttheseone-offs,netprofitwouldhavebeenflattonegative.Theresultsaresoftbutbroadlyinlinewithmarketexpectationswhichhaveloweredmateriallyoverthepastfewmonths.ASPhasbottomed(forthenearterm).Salesgrew...