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Posts Tagged ‘quarter’

Seafood shares look promising in last quarter this year

In Uncategorized on December 16, 2010 at 10:10 am

Most of seafood exporters announced healthy earning results in the first nine months of the years thanks to surging demand worldwide and the strong US dollar. However, some catfish and basa producers were hit by anti-dumping taxes, while shrimp exporters took profit from the weakening supply caused by the Gulf of Mexico oil spill in the US.

(Photo: tuoitreonline)

Minh Phu Seafood Joint Stock Company (MPC) produced 16,660 tons of shrimp in the first three quarters of 2010, with the profit reaching VND253.3 billion (US$13 million).

Sao Ta Foods Joint Stock Company (FMC) made an after-tax profit of VND5.97 billion ($298,500) in the third quarter, a significant increase of 190 percent year-on-year. The profit from exporting seafood, which is the firm’s core business, surged 176.5 percent year-on-year to VND31.11 billion ($1.6 million).

Financial experts said seafood exporters took big profit from the dollar/Vietnam dong exchange rate fluctuation, which saw the rate rose from VND18,465 per dollar early this year to VND19,500 per dollar. The stronger dollar gave the exporters selling seafood to the US around 5 percent of their revenue in the first three quarter this year.

Catfish and basa exporters meanwhile suffered heavy losses in the first nine months of the year as they struggled to deal with increasing material price and anti-dumping taxes. Among losers are BASA Joint Stock Company (BAS) with a loss of VND7.5 billion ($375,000).

Third quarter revenue of Cuulong Fish Joint Stock Company (ACL) rose 45.8 percent year-on-year, but its profit dropped 64.7 percent. Similarly, the net profit in the first nine months of Hung Vuong Corporation (HVG), one of the country’s biggest catfish and basa exporters, only made out of 50.9 percent of the target.

But analysts said the seafood sector’s average price-to-earnings rate (P/E) of 7.6x was much lower than the stock market’s average P/E rate of 11.4x, showing seafood share prices are pretty good.

They also expect seafood sector will be booming in the last quarter thanks to the yearend rising consumption prices and the US dollar getting stronger.

The seafood demand at developed countries often increase significantly in the last quarter every year as they come into the festival season.

Shrimp price surged to $3-4.8/pound in the first nine months as the Gulf of Mexico oil spill in the USA prompted to a shortage in shrimp supplying.

Source: SGGP

Germany posts record growth in second quarter

In Uncategorized on August 13, 2010 at 11:22 am

FRANKFURT (AFP) – Germany posted its best quarterly growth since reunification in 1990 on Friday, with one economist saying it was “in a league of its own” as other leading nations showed signs of slowing down.

The German economy, Europe’s biggest, thundered ahead at a rate of 2.2 percent in the second quarter from the previous three-month period, and 4.1 percent from the second quarter of 2009, the national statistics office said.

(AFP file) Construction cranes work in Berlin, 2007.

“The recovery of the German economy, which lost momentum at the turn of 2009/2010, is really back on track,” the Destatis office said. “Such quarter-on-quarter growth has never been recorded before in reunified Germany.”

Elsewhere, major economies in North America and Asia are showing signs of slowing down while the 16-nation eurozone might see better than expected figures in the third quarter too.

ING senior economist Carsten Brzeski said Germany was “playing in a league of its own.”

Destatis also revised the first quarter growth figure higher to 0.5 percent from an initial estimation of 0.2 percent, the rate seen at the end of 2009.

After suffering its worst post-war recession in 2009, “we are now experiencing XL growth,” Economy Minister Rainer Bruederle said.

Analysts polled by Dow Jones Newswires had forecast a second-quarter rise of 1.4 percent and an annualised gain of 2.6 percent.

The record figure is especially notable as fears grow that the United States and now China, the Asian powerhouse, are showing distinct signs of slowing, raising questions about the overall global recovery.

But while Germany normally relies on exports to underpin growth — it is the second biggest exporter worldwide after China — “household and government final consumption expenditure contributed to GDP growth, too,” Destatis said.

“Structurally in a much better shape than many other industrialized countries, it was just a matter of time before the German economy would pick up further speed,” Brzeski said.

UniCredit counterpart Alexander Koch said Germany had “put the pedal to the metal” in the second quarter, and added that “the massive rebound in the spring GDP figures impressively confirms the revival of the German business model.”

Barclays Capital senior economist Julian Callow said the latest figures put Germany “on track to grow around three percent or even slightly more for this calendar year, significantly stronger than our prior estimate.”

For the full eurozone, European Central Bank president Jean-Claude Trichet said last week: “We consider that both the second quarter and probably the third quarter are likely to be better than we had anticipated.”

Source: SGGP

France set for 0.3-percent growth in 3rd quarter: Bank

In Uncategorized on August 9, 2010 at 11:21 am

PARIS, Aug 9, 2010 (AFP) – The Bank of France forecast on Monday that the French economy would expand by 0.3 percent in the third quarter, following growth of 0.4 percent in the previous quarter.

The French statistics bureau INSEE is expected to publish on Friday its growth figures for the second quarter.

French President Nicolas Sarkozy (R)listens to a worker during a visit to the Saint Nazaire STX shipyard in July. AFP file

In June, INSEE said that gross domestic product (GDP) would expand by 0.5 percent in the second quarter, a boost for the economy which showed weak growth of 0.1 percent in the first quarter.

The rebound should continue “at a slow pace” with quarterly growth in the order of 0.4 percent in the second half of 2010, INSEE said.

Source: SGGP

Toyota first quarter net profit 2.2 billion dlrs

In Uncategorized on August 4, 2010 at 11:20 am

(AFP file)

TOKYO (AFP) – Toyota Motor Wednesday reported a net profit of 190.47 billion yen (2.2 billion dollars) for the quarter ended June, compared to a loss of 77.8 billion yen in the same period a year earlier.

The world’s largest automaker also raised its annual net profit forecast to 340 billion yen from 310 billion forecast in May.

Operating income increased from a loss of 194.9 billion yen to a gain of 211.6 billion yen, as the automaker cited increases in vehicle sales and “a large decrease” in costs related to loan losses.

The automaker’s strong results come despite it pulling around 10 million vehicles worldwide, as it faces a host of lawsuits over issues of “unintended acceleration” blamed for more than 80 deaths in the United States.

Source: SGGP

Sony likely bounced to black in first quarter: report

In Uncategorized on July 26, 2010 at 3:19 pm

TOKYO, July 26, 2010 (AFP) – Japan’s Sony is likely to have swung back to the black in the first quarter with operating profit reaching 30 billion yen (342 million dollars) due to aggressive cost-cutting, a report said Monday.

That would compare with a 25.7-billion-yen loss in the same April-June period last year and represent the first profit in two quarters, the Nikkei business daily reported ahead of official results on Thursday.

Under chief executive and president Howard Stringer, the Japanese company has been streamlining operations and cutting costs to trim back the sprawling group, which was battered by the global downturn.

Plant consolidation and lay-offs saved the company more than 300 billion yen the previous fiscal year, making the company more resilient to blows such as the yen’s recent rise against the euro, the Nikkei said.

Rebounding demand from China and other emerging companies helped lift sales of digital cameras, personal computers and video cameras, the report said.

Liquid crystal display televisions also sold well, and Sony’s game and mobile phone divisions returned to profitability thanks to cost savings.

Stringer has promised to reinvent Sony — the maker of the iconic Walkman — and the group is revving up for the year-end holidays with the September launch of the “Move” motion-sensing controller for PlayStation 3.

The company is also banking on the mounting popularity of products that enable three dimensional viewing.

In April it released a software update enabling the PS3 to support 3D games. Televisions showing 3D images went on sale in Japan last month.

Sony has also released a 3D camera and its film studio Sony Pictures is rolling out 3D movies.

Shares in Sony were up 1.19 percent at 2,543 yen at noon in Tokyo.

Source: SGGP

Hanoi unveils electric coach tours of old quarter

In Uncategorized on July 17, 2010 at 4:52 pm

Hanoi unveils electric coach tours of old quarter

QĐND – Saturday, July 17, 2010, 20:48 (GMT+7)

Hanoi tourism authorities have launched two new tours of the 1,000-year-old old quarter, home to 36 old streets named after guilds, by electric vehicles.

Coaches, begin rolling along Hanoi’s old quarter Saturday, is a brainchild of the Hoan Kiem District People’s Committee and Dong Xuan Joint Stock Company.

They will use 20 battery-powered coaches, each of which can carry 12 passengers, on two routes around the old quarter.

One will take people around Hoan Kiem Lake, or the Lake of the Returned Sword, and the other to some of the guild streets, food courts, and historical relics.

They will leave at 20-minute intervals from 8:30am to 11pm every day.

A ride costs from VND10,000 (53 US cents) to VND30,000.

The old quarter, situated near the equally historic Hoan Kiem Lake, was created in the 11th century, when the 100-hectare area was home to 36 guilds, each of which gave its name to a street. Thus, there is a Hang Bac Street which was once home to silversmiths and a Hang Mam Street named for fish sauce.

There are 4,000 houses here, a fourth of which are more than 100 years old.

Source: tuoitrenews

Source: QDND

China’s economic growth slows in second quarter

In Uncategorized on July 15, 2010 at 12:55 pm

China said Thursday its economic growth slowed in the second quarter, as massive stimulus spending was scaled back and moves to rein in soaring property prices started to bite.

Gross domestic product in the world’s third-largest economy maintained double-digit growth for the third quarter in a row, expanding 10.3 percent in the three months to June, according to the National Bureau of Statistics.

The latest figures add to mounting evidence that the Chinese economy is losing steam, although Beijing has so far shown no intention of reversing tightening policies, and analysts downplayed the risk of a sharp slowdown.

“Generally speaking, the economy is running well,” NBS spokesman Sheng Laiyun told reporters.

Sheng said the moderate slowdown in growth in the second quarter would “help prevent the economy… from overheating,” but added: “There are still a lot of difficulties and problems in the course of economic recovery.”

The second quarter figure marked a slowdown from the blistering 11.9 percent growth in January-March and the 10.7 percent in the last three months of 2009, after Beijing introduced a range of measures to cool the red-hot economy.

The economy grew 11.1 percent in the first half of 2010 compared with the same period a year earlier, the data showed.

Analysts said economic growth was expected to slip to single digits in the second half, but dismissed the idea of any serious troubles in the short term.

“Despite the slowing growth, we think the chance for double-dip in China is quite small as China?s pragmatic policymakers are quite flexible on policy stance,” said Lu Ting, an economist at Bank of America-Merrill Lynch.

“They still have a deep pocket to buffer any big slowdown.”

The closely watched consumer price index, the main gauge of inflation, rose 2.9 percent on-year in June alone, compared with 3.1 percent in the previous month, the statistics bureau said.

The slowdown in inflation added to mounting evidence that the government’s measures to avert economic overheating were kicking in.

Inflation was up 2.6 percent in the first half of 2010 from a year earlier.

Morgan Stanley economist Wang Qing said there was a “high probability” the government would increase its 7.5 trillion yuan (1.1 trillion dollars) bank lending target for this year as inflation continues to ease.

“In light of receding inflationary pressures, the policy stance in the second half will likely demonstrate an easing bias,” said Wang.

China’s fixed asset investment in urban areas, a measure of government spending on infrastructure and a key driver of the economy, rose 25.5 percent in the first half from the same period last year, the government said.

Industrial output from the country’s millions of factories and workshops increased 17.6 percent on year in the six-month period.

Retail sales, a key measure of consumer spending, rose 18.2 percent in the first half of 2010 from a year ago.

Recent data also showed bank lending, real estate prices and imports all slowed in June from the previous month, while surveys of purchasing managers at factories across China showed manufacturing activity eased last month.

Beijing has shown no intention of altering its policy tightening stance despite signs the economy is running out of puff, and has begun to rein in the huge stimulus spending put in place in the wake of the global financial crisis.

Chinese workers perch on scaffolding at a construction site in Hefei, central China’s Anhui province.

In recent weeks, China also has loosened its grip on the yuan exchange rate by allowing the currency to trade more freely against the dollar, while export tax rebates on some products have been removed.

“It’s more of a wait-and-see attitude from Beijing’s leaders,” said Ken Peng, a Beijing-based economist for Citigroup.

Chinese Premier Wen Jiabao said last month he believed the economy was moving in the “expected direction”, which was interpreted as a sign that the government planned to stick to current policies.

Wen’s comments came after President Hu Jintao, in a speech to the Group of 20 summit in Canada, called for caution in exit strategies from economic stimulus programmes to safeguard the global recovery.

Source: SGGP

Japan growth revised higher in first quarter

In Uncategorized on June 10, 2010 at 10:52 am

TOKYO, June 10, 2010 (AFP) – Japan’s economy grew more than initially estimated in the first quarter, data showed Thursday, with exports keeping a recovery on track as signs emerged that domestic demand is strengthening.

A fourth straight quarter of expansion saw gross domestic product in the January-March period grow at an annualised 5.0 percent, beating last month’s estimate of 4.9 percent and expectations of 4.0 percent.

“The data was stronger than expected,” said Yoshiki Shinke, senior economist at Daiichi Life Research Institute. “It confirmed that the growth trend has continued.”

And there were signs that Japan’s domestic demand, hindered by deflation and a drag on growth, may also be strengthening after private and household consumption were both revised up from 0.3 percent to 0.4 percent.

A model introduces the Mercedes Benz SLS AMG at a hotel in Tokyo on June 10, 2010. AFP photo

Consumer sentiment improved in May to a reading of 42.8 from 42.0 in April according to a survey of 6,720 households. Any reading below 50 however means pessimists still outweigh optimists.

Analysts said data may show the recovery was starting to percolate through the wider economy, good news for the government as it looks to tackle the world’s largest public debt mountain without derailing the revival.

“Domestic demand is improving,” said Hiroshi Watanabe, economist at Daiwa Institute of Research. “Continued economic recovery should make things easier for politicians to discuss improving fiscal conditions,” he said.

The country has been stuck in the deflationary doldrums since March 2009 following the global economic downturn, as falling consumer prices deter corporate investment and consumption.

Exports, particularly to emerging Asian markets such as China, are driving Japan’s recovery from recession but its dependence on them was illustrated by their 0.9 percent contribution to the quarterly growth figure of 1.2 percent.

Booming demand for new cars, high tech products and factory parts has combined with a stimulus-driven domestic picture, raising hopes that Japan may eventually lock into a self-sustaining recovery.

Kan has targeted Japan’s finances as his biggest challenge, a change of tone from former premier Yukio Hatoyama’s administration, and has appointed fiscal hawk Yoshihiko Noda as the steward of Asia’s biggest economy.

Under increasing pressure to reduce a public debt ballooning towards 200 percent of gross domestic product as Europe’s deepening fiscal crisis raises sovereign debt scrutiny, Kan has openly discussed hiking taxes as a remedy.

Watanabe said a stronger economy gave politicians more scope to discuss measures such as “raising the consumption tax — moves that could slow economic growth temporarily but that are necessary for the long-term.”

On a quarterly basis the GDP reading was unchanged. The economy grew 1.2 percent compared with the previous four months, beating expectations of a downward revision to 1.0 percent.

While business investment fell to 0.6 percent from an initial estimate of a 1.0 percent rise, the revision was less severe than some economists had expected.

Japan’s main guage of wholesale prices of goods such as petroleum and coal used by producers rose 0.4 percent in May, the first year-on-year increase since 2008, separate Bank of Japan data said Thursday.

As demand from surging economies such as China increases prices for raw materials, Japanese companies face being squeezed further by being unable to pass costs on to consumers in a deflationary environment.

However, analysts warned that Japan’s dependence on external demand would be a risk in the future in view of eurozone debt fears and Beijing’s efforts to cool China’s rampant economy to keep inflation in check.

In Tokyo, the Nikkei 225 index closed 1.10 percent higher.

Source: SGGP

US economy weaker than estimated in first quarter

In Uncategorized on May 28, 2010 at 5:18 am

The fragile US recovery from recession was weaker than estimated in the first quarter, official data showed, suggesting tougher challenges from the European debt crisis.

The Commerce Department said gross domestic product in the first quarter increased at a 3.0 percent annual pace from the fourth quarter of 2009, lowering its original estimate of 3.2 percent.

The downward revision for the world’s largest economy surprised most analysts, who predicted GDP — a broad measure of the country’s goods and services output — expanded 3.3 percent.

“This is a fairly tepid recovery that is fighting a lot of headwinds,” said Joel Naroff of Naroff Economic Advisors.

“It will be hard to grow rapidly when the economy has to overcome limited credit availability, a modest recovery in housing, high unemployment rates and, as a consequence, depressed consumer confidence… and uncertainty in Europe.”

A truck pulls out of a construction site in New York City where work has stopped because of the recession and the slowdown in the real estate market.

Several analysts said recent economic data pointed to stronger growth in the current second quarter.

Nigel Gault, chief US economist at IHS Global Insight, predicted growth of about 4.0 percent in the April-June period because of a surge in manufacturing output and a rise in home building spurred by an expiring homebuyers’ tax credit.

“But that pace cannot be maintained, especially given the renewed turmoil in the financial markets triggered by the eurozone’s sovereign debt crisis, and we expect growth to fall back into the 2.5-3.0 percent region in the second half of the year,” Gault said.

The Commerce Department said it had shaved 0.2 percentage points from its first estimate on April 30 largely because of higher imports and lower consumer spending.

It was the third consecutive quarter of expansion since mid-2009, when the US economy ended a full year of contraction in a recovery driven by unprecedented government and Federal Reserve support measures.

GDP had increased at a robust 5.6 percent rate in the 2009 fourth quarter, after a 2.2 percent rise in the prior quarter.

The weaker first-quarter GDP estimate Thursday was “worrisome,” said Augustine Faucher at Moody’s

“With the unemployment rate at 9.9 percent in April, it will take sustained growth in real GDP well in excess of 3.0 percent to make a significant improvement in the labor market, and it looks like that is still a few quarters away,” Faucher said.

The US economy has lost more than eight million jobs since December 2007, when it entered the worst recession since the 1930s.

Job insecurity has weighed on consumer spending, which usually accounts for two thirds of economic output, and the latest weekly unemployment data showed a slowing decline in unemployment.

New claims for jobless insurance benefits fell by 14,000 to 460,000 in the week ending May 22, the Labor Department said Thursday, worse than the 455,000 consensus analyst forecast.

Ian Shepherdson at High Frequency Economics said the jobless claims data “reinforce our view that growth will slow in the second quarter and beyond,” noting that the first-quarter GDP downward revision came “thanks to slightly softer domestic final demand.”

Peter Newland at Barclays Capital, however, was upbeat.

Disposable income in the January-March period was revised higher and corporate profits showed a 5.5 percent monthly rise from the prior quarter, “the fifth consecutive quarter of robust growth,” he said.

“More timely indicators suggest that momentum is building into the second quarter, supported by healthy wage and profit growth.”

Source: SGGP

Garment exports soar in first quarter

In Uncategorized on April 16, 2010 at 4:32 pm

Garment exports soar in first quarter

QĐND – Friday, April 16, 2010, 22:13 (GMT+7)

Garment exports are expected to reach the target of 10.5 billion USD this year, as growth of 12.3 percent in the first three months of this year suggests that the industry is on the path to recovery from the global recession.

Exports totalled 2.16 billion USD in the first quarter, according to the General Statistics Office.

Signs are positive for a growing number of orders in the second quarter, said Vietnam National Textile and Garment Group (Vinatex) general director Le Tien Truong.

With the IMF forecasting global growth of over 2 percent this year, purchasing power has returned in such major markets as the US, Japan and EU, creating favourable conditions for the garment sector. Exports of jackets and shirts have increased both in terms of quantity and value to all three markets, especially to the US, with average prices rising by 2-3 percent compared to last year, according to Vinatex.

Clothing makers have been active in finding new markets in the Middle East, Africa and Eastern Europe , Truong added.

Many garment makers have rushed to step up production, many having already received orders through the end of the third quarter and some even for the end of the year, confirmed the Vietnam Textile and Apparel Association (Vitas).

The number of orders this year will certainly be higher than last year, said Vitas chairman Le Quoc An, and many exporters have found buyers willing to pay 10-15 percent more than before the economic downturn.

More favourable foreign exchange policies this year would help the association’s member companies expand production even more effectively, An added.

Garment makers have also been proactive in securing sources of imported materials, helping stabilise costs, said Truong and Vinatex has been promoting the use of domestic materials.

Vinatex deputy general director Le Trung Hai said the industry was already able to meet 25-35 percent of domestic fibre demand, and this could rise to 70 percent by 2011, once the Dinh Vu fibre factory in Hai Phong’s Dinh Vu Industrial Zone begins operations, with a capacity of 600 tonnes of polyester fibre per day.

The area under cotton cultivation nationwide last year reached 9,000ha, three times the figure in 2007, and would increase to 16,500ha this year, Hai said.

The garment industry is targeting exports of 16-18 billion USD per year by 2015, with more fashionable and higher value-added products, according to Vitas.

Source: VNA

Source: QDND