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On March 30th, Jefferies released a research report stating that Meituan (03690.HK)s total revenue in the fourth quarter of last year increased by 4.1% year-on-year to RMB 92.1 billion, in line with the banks and market expectations. Core local commerce revenue fell by 1% year-on-year to RMB 64.8 billion, slightly lower than the market expectation of flat year-on-year growth, while the bank expected a 1.3% decline. Core local commerce operating loss reached RMB 10 billion. New business revenue increased by 18.9% year-on-year to RMB 27.3 billion, higher than expected, with an operating loss of RMB 4.6 billion. Adjusted net loss reached RMB 15 billion, lower than market expectations, but in line with the banks expectations. Jefferies indicated that Meituans core local commerce fundamentals have improved, and new businesses are on track, maintaining a "buy" rating on Meituan with a target price of HKD 130.Toyota: In February, the parent companys global sales were 737,134 vehicles, a year-on-year decrease of 3.3%. Domestic production in Japan was 278,916 vehicles, a year-on-year decrease of 2.6%.Binh Son Refining & Chemical Co., Ltd., a Vietnamese oil refiner, is in talks with its Russian partners to purchase Espo, Sokol and Novy crude oil.Binh Son Refining & Chemical Company, a Vietnamese oil refiner, has secured a supply of 2.3 million barrels of Vietnamese crude oil for production and operations in May and June.Binh Son Refining & Chemical Company, a Vietnamese oil refiner, will put its new oil storage tanks into operation in May.

As oil prices rise, Suncor Energy's quarterly earnings treble

Charlie Brooks

Aug 05, 2022 10:45

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Earnings for the second quarter of Suncor Energy Inc. surged by more than fourfold on Thursday, as the third-largest crude oil producer in Canada benefited from a jump in commodity prices.


Sanctions on Russia, a major oil producer, have compounded supply problems, resulting in an almost 48 percent spike in global crude prices in the first half of the year as energy companies have struggled to boost output to meet rising fuel demand.


Suncor said that its total upstream production increased from 699,700 barrels of oil equivalent per day (boepd) to 720,200 boepd.


The company's refinery crude throughput climbed by around 20 percent to 389,300 barrels per day, while refinery utilization rose from 70 percent in the third quarter of the previous year to 84 percent in the current quarter.


The company's net income for the three-month period ended on June 30 was C$3.996 billion ($3.11 billion), or C$2.84 per share, compared to C$868 million or 58 Canadian cents a year earlier.

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