Biz Scene: MARKET

Media firm shines

China's 51Job Inc, which publishes a weekly newspaper and runs a job website with the same name, has posted a quarterly profit that beat analysts' estimates, helped by strong growth in its print and online businesses.

Net income rose to $3.6 million on revenue of $29.4 million. Analysts expected revenues of $27.6 million, according to Reuters Estimates.

Print advertising revenue rose 15.9 percent to $15.2 million, driven by an increase in the volume of advertisements. Online recruitment services revenue rose 26.8 percent to $9.7 million as it had more employers using the website.

Wuhan deal

Wuhan Iron & Steel Co, China's third biggest steelmaker by market value, will buy power and coke assets valued at 8.16 billion yuan from its parent to reduce production costs.

Wuhan Steel is also buying transportation and gas units from its parent, Wuhan Iron & Steel Group, the Hubei Province-based company said yesterday in a statement.

Wuhan Steel will fund the purchase with bank loans and cash, said Wan Yi, company secretary.

(China Daily 11/14/2007 page15)