China Life net soars 92pc amid mixed Q1

Business | Staff reporter Apr 26, 2019
<p>Quarterly results of companies varied but the net profit of China Life Insurance (2628) increased 92.6 percent to 26.03 billion yuan (HK$3.23 billion) as the insurer said it carried out active trading operations and optimized investment portfolios by seizing mainland equity market opportunities.</p><p>The net profit of ASM Pacific Technology (0522), the semiconductor assembly and packaging solution supplier, slumped 82.4 percent year on year, or 49 percent quarter on quarter, to HK$108.2 million in the first three months as the sector was in a period of adjustment.</p><p>Chief executive Lee Wai-kwong said the revenue contribution from mainland customers declined due to the ongoing Sino-US trade war, but sentiment rebound in the first quarter, and some clients said they intend to increase orders in the second half.</p><p>The company forecasts a double-digit percentage improvement quarter to quarter in bookings and a one to two percent increase in gross profit margin in the second quarter.</p><p>Meanwhile, tissue paper provider Vinda International&#39;s (3331) operating profit rose 2.7 percent to HK$340 million, as revenue increased 7.9 percent to HK$4.08 billion.</p><p>Tissue segment generated HK$3.38 billion and the remainder was from the personal care segment.</p><p>In other news, Wisdom Education International (6068) said the average increase in tuition fees in its schools will range from 15 percent to 20 percent.</p><p>Executive director and chief operating officer Li Jiuchang said the company will keep expanding its business and open up to three new schools each year.</p><p>It posted that net profit for the six months ending February 28 rose 33 percent year-on-year to 190 million yuan, and declared a 4.2 fen interim dividend.</p>

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May 2019