Biz Scene: MARKET

Solar profit

Trina Solar Ltd, a China-based maker of solar power products, reported an 87 percent rise in third-quarter profit, helped by higher prices and increased sales. Net income rose to $7.2 million from $3.9 million the previous year.

Revenue more than doubled, soaring 155 percent, to $82.6 million, driven up by both higher prices and increased volume.

The company said it expects to meet its capacity goals of 150 megawatts in 2007 and 350 megawatts in 2008.

Mittal raises stake

Arcelor Mittal, the world's largest steelmaker, raised its stake in China Oriental Group Co Ltd to more than 73 percent, becoming the first foreign company to take control of a Chinese steelmaker.

Arcelor Mittal has raised its interest in China Oriental from 28.03 percent, according to the stock exchange filing.

Arcelor Mittal paid HK$6.12 per share for the 28.03 percent stake earlier this month. Based on that price, the 73 percent holding would be worth $1.7 billion.

(China Daily 11/23/2007 page15)