Biz scene

Market

Little Swan profits soar

Wuxi Little Swan Co, a leading washing machine maker in China, announced its net profit last year rose by 868.3 percent year-on-year, reaching 333 million yuan.

The company's revenue was 5 billion yuan. Some reports said the strong financial performance is attributed to the company's series of asset sales last year.

Top milk seller

China Mengniu Dairy Co Ltd said yesterday its net profit for 2007 rose 28.66 percent year-on-year to 936 million yuan. Revenue for the year increased by 31.2 percent to 21.32 billion yuan.

A recent survey from the National Bureau of Statistics also shows Mengniu has topped the local market for the consecutive four years in the sectors of liquid milk, yogurt and ice cream by both sales volume and revenue ending in 2007.

BIZ MOVES

New CNAC GM

China National Aviation Holding Co (CNAC) appointed Kong Dong (left) as its general manager.

Kong replaces Li Jiaxiang, the current director of the Civil Aviation Administration.

Kong, 57, had acted as president of Shenzhen Airport Group and chairman of the board of Dragon Air before he joined CNAC in 2002 as its deputy general manager.

GRAPEVINE

Zoomlion bids for CIFA

Changsha Zoomlion Heavy Industry Science & Technology Development Co Ltd, a leading construction machinery provider, together with Honey Capital, is bidding to acquire Italy-based CIFA SpA, a global player in the design, manufacture and distribution of equipment for ready mixed concrete production, transportation and placement, said a report by China Securities.

The bidding result is expected within two weeks. Zoomlion made a statement about the acquisition without naming the company, and it also said it will buy a 60 percent stake of the company, with the remaining 40 percent going to Honey Capital.

BIZ UNUSUAL

Pricey Olympic packages

A travel agency from Dongguan, Guangdong province, has launched Olympics-themed tourism packages, one of which is priced at 88,888 yuan, the highest of its kind in China.

The packages include the finals of badminton singles, women's volleyball, track and field, 3-m springboard, men's football and rhythmic gymnastics, selling 19,999 yuan each package. But the most expensive package at 88,888 yuan mainly covers watching the Olympics closing ceremony, the men's football final and kayaking events.

Despite public doubts, travel agency executives believe the package will not be a hard sell. Four local residents have placed an order for the package.

Commemorative papers

Liu Cheng, who has previously worked as an editor, has found business success designing newspapers for commemoration days.

Liu made his first deal in August 2004, when a friend whose daughter was preparing for her wedding asked him to design a page that could tell the stories of how his daughter and son-in-law became acquainted and then fell in love with each other, and could show some sweet pictures. He did an excellent job and received a small payment from the friend.

Later, more and more people asked Liu to make a newspaper to commemorate special days such as birthday and store openings. Liu charges each at an average of 300 yuan.

He is now studying drawing and layout design, hoping to present the clients a prettier newspaper.

LOCAL

Logistics platform

The Shanghai municipal government is planning to set up an agricultural product logistics platform between Yangshan Port and Pudong Airport.

The first phase of the project is expected to absorb 600 million yuan and will come into operation at the end of 2009.

The logistics center will act as a platform where agricultural producers could show, process and store their products. The annual trade volume will be 2 million tons by 2012.

(China Daily 04/09/2008 page15)