IN BRIEF (Page 16)

Mitsubishi's departure

Japanese electronics conglomerate Mitsubishi Electric Corp said on yesterday that it planned to exit its loss-making mobile phone business.

The company said it expects a one-off pretax loss of about 17 billion yen ($164.1 million) in the current business year ending March 31 due to the withdrawal.

Possible sale

India's Tata Communications Ltd may sell a stake in its retail and broadband business to Singapore state investment firm Temasek Holdings, the Mint paper reported yesterday.

"Temasek is leading the race for a stake in the new retail business of Tata Communications," the paper cited a person familiar with the development as saying.

Barron's warning

Investors poised to buy stock in credit-card company Visa when it goes public are not likely to enjoy the same type of explosive share price growth seen with MasterCard Inc, cautioned Barron's financial newspaper.

While MasterCard shares have surged 400 percent since its initial public offering, Visa is likely to be held back both by current market and company specific conditions, Barron's said yesterday.

Hamburger's profit

Hamburger Hafen & Logistik AG, the operator of Germany's biggest port, said full-year profit rose about 30 percent, boosted by rising demand for bulk cargo, fruit and vehicle handling.

Earnings before interest and tax increased to "about" 285 million euros from 218 million euros a year earlier, the Hamburg-based company said yesterday.

Opera rises

Opera Software ASA, the Norwegian maker of Web browsers, rose the most in six months in Oslo trading after posting a profit for the fourth quarter.

Opera climbed as much as 7 percent, the biggest gain since Aug 27. Net income in the period was 14.3 million kroner ($2.7 million) compared with a loss of 12.8 million kroner a year earlier, the Oslo-based company said yesterday.

Game raises game

Game Group Plc, the United Kingdom's largest video-game retailer, raised its annual profit forecast for the third time in two months on sustained demand for Nintendo Co's Wii console and games.

Pretax profit was at least 74 million pounds in the year ended Jan 31, more than the 73 million pounds previously indicated, the Basingstoke, England-based company said.

VW in driving seat

Volkswagen AG took control of Scania AB by buying Investor AB's stake in the Swedish truck company for 17.6 billion kronor ($2.86 billion), clearing the way for a merger with MAN AG that would create a European market leader.

Volkswagen bought Investor's holding in Soedertaelje- based Scania for 200 kronor a share, the German company said in a statement yesterday. The purchase gives it 68.6 percent of voting rights, compared with 38 percent previously.

Fraport falls

Fraport AG, owner of Frankfurt Airport, said 2007 profit declined 9 percent after the company cut landing fees for airlines.

Net income dropped to 208.7 million euros, from 229.3 million a year earlier, the Frankfurt-based company said yesterday. Sales rose 8.6 percent to 2.33 billion euros. Analysts surveyed by Bloomberg had forecast net income of 211 million euros.

Aker sinks

Aker Yards ASA, Europe's biggest shipbuilder, posted a loss on higher cruise liner construction costs and said Chief Executive Officer Yrjoe Julin left.

Aker lost 313 million Norwegian kroner ($60 million), or 2.81 kroner a share, in the fourth quarter, compared with a profit of 488 million kroner, or 4.35 kroner, a year earlier, the Oslo-based company said.

Agencies

(China Daily 03/04/2008 page16)