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AVIC Shenyang Aircraft's Q1 Profit Drops 62% On Weak Revenue

AVIC Shenyang Aircraft's (SHA:600760) profit fell in the first quarter as revenue slowed down due to some project delays.The company's net profit attributable to shareholders in the first quarter dropped 62% to almost 165 million yuan from 430.6 million yuan a year earlier, according to a Shanghai bourse filing on Wednesday.Earnings per share fell 63% year on year to 0.06 yuan from 0.16 yuan.Profit declined due to the operating revenue dipping 55% to 2.61 billion yuan from almost 5.83 billion yuan in the previous year. The drop was attributed to adjustments in product mixes and delivery schedule impacts.In November 2025, AVIC Shenyang announced in a Shanghai Stock Exchange filing that the dates of certain projects were moved due to technical delays.The projects are a titanium alloy production line, which was moved to December instead of January this year, and the usable date of the aircraft maintenance service enhancement project, which was moved to December 2027 from November this year. The first project's rescheduling was caused by delivery delays, while the second one lagged due to the need to upgrade core equipment.The Chinese aircraft manufacturer, which is under state-owned AVIC, continues to produce fighter jets earlier this year. AVIC announced in Weibo that it hosted the maiden flights of its J-35 carrier-based stealth fighter jet for the year, along with other types of aircraft, according to a Jan. 7 report from the Global Times. The J-35, which was developed to be used for aircraft carrier operations, is the naval variant of the Air Force's J-35A.Chinese aircraft companies are expected to benefit from the Chinese military's plan to boost its fleet. Recently, the Chinese People's Liberation Army Navy made a teaser, hinting the release of a nuclear-powered aircraft carrier that could help boost its territorial claims amid maritime disputes, according to an April 23 report from Reuters.The company's shares fell less than 2% during the afternoon trade.

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Asia2d ago

Australian Shares Again Fall; G8 Education to Suspend Operation of Around 40 Centers

Australian shares continued to retreat for the seventh consecutive day at Wednesday's close as markets reacted to the United Arab Emirates' decision to leave the Organisation of the Petroleum Exporting Countries (OPEC).The S&P/ASX 200 Index fell 0.27%, or by 23.70 points, to close at 8,687.Brent crude oil futures for June were trading around $111.25 a barrel after the UAE decided to exit OPEC and OPEC+, effective May 1.Meanwhile, the Strait of Hormuz remained closed, as US President Donald Trump is said to be unhappy with Iran's latest proposal.Further, President Trump told aides to be ready for an extended Iran blockade, the Wall Street Journal reported, citing US officials.On the domestic front, Australia's consumer price index (CPI) rose 4.6% in the 12 months to March, up from a 3.7% increase in the year to February, according to data from the Australian Bureau of Statistics.Trimmed mean inflation was unchanged at 3.3% in the 12 months to March compared with February.In company news, G8 Education (ASX:GEM) plans to suspend the operation of around 40 of its centers as a result of an assessment of its network. It will transition customers to one of the nearby centers and, where possible, redeploy team members. The firm will then consider longer-term options for those centers, including lease surrender, divestment, or other alternatives. Its shares plunged 29% at market close, earlier reaching a 16-year low.Woodside Energy Group's (ASX:WDS) operating revenue fell to $3.26 billion in the first quarter ended March 31 from $3.32 billion a year earlier. Total production in the March quarter fell year on year to 45.2 million barrels of oil equivalent (MMBoe) from 49.1 MMBoe. Its shares closed up 2%.Lastly, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) agreed to acquire Worldline's 51% stake in their joint venture ANZ Worldline for an enterprise value of AU$89 million as part of the bank's broader 2030 strategy to enhance transaction banking capabilities.

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US Markets2d ago

UAE's OPEC Exit to Have Limited Near-term Impact, Watchers Say

The United Arab Emirates' impending exit from the Organization of the Petroleum Exporting Countries on Friday deals a heavy blow to the oil-producing cartel but is unlikely to lead to a breakup of the group or have a significant near-term impact on crude prices, industry watchers say.The timing of the UAE's departure from OPEC and OPEC+ was planned well, ING analysts said Wednesday, noting that announcing the move amid a period of significant oil supply disruptions cushions its market impact. "Had this been announced any other time, we would likely have seen more downward pressure on oil prices."The UAE has long pushed for greater crude production but was trumped by OPEC production quotas in recent years. The departure will give the country freedom to boost output, with current production capacity of nearly 4.9 million barrels per day and plans to reach 5 mb/d by 2027."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING added. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."As OPEC's 11 other members have not shown signs of following in the UAE's footsteps, analysts agree that the cartel will remain, albeit with reduced power in the oil market."While much remains in the air regarding how the war ends, we do not think that [Tuesday's] announcement portends a broader breakup in the producer group, especially as there is no near-term need for any OPEC production cuts and many members will be focused on building back capacity post-conflict," RBC Capital Markets said Tuesday.The exit is also likely a harbinger of joint investments between the UAE and Israel, signaling a "broader strategic realignment in the region," RBC said."Given there will be increased focus on energy security post-war, we anticipate a closer partnership between Israel and Abu Dhabi in this arena going forward. We will be looking for joint investment announcements around critical de-risking infrastructure projects as well as additional defense cooperation agreements, including core priority areas such as the Red Sea."

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