Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Perfect World Co., Ltd.    002624   CNE1000018W6

PERFECT WORLD CO., LTD.

(002624)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China's exports to Cuba slump as island's cash crunch deepens

12/06/2017 | 01:11pm EST
Visitors stroll through Chinas pavilion during Havana's International Trade Fair.

HAVANA (Reuters) - Chinese exports to Cuba have plunged this year in the latest sign of a worsening in the Communist-run island's financial situation, which began in 2015 with the economic crisis in its top trading partner Venezuela.

Chinese exports to Cuba slumped 29.8 percent to $1 billion from January through October compared with the same period last year, according to Chinese customs.

Chinese exports peaked at a record $1.9 billion in 2015, nearly 60 percent above the annual average of the previous decade. They slipped slightly last year to $1.8 billion.

China sends a broad array of supplies to Cuba, from machinery and transportation equipment to raw materials, chemicals and food.

The Chinese commercial office in Havana said the decline was due to Cuba's payment problems. China ranked as Cuba's first trading partner in terms of goods in 2016, followed by Venezuela.

The economic crisis in Venezuela, lower revenue from commodity and related exports, the devastation wrought by Hurricane Irma and the Trump administration’s tightening of business and travel restrictions have left Cuba without cash to pay some suppliers and investment partners.

Western diplomats and businessmen estimate Cuban state-run banks, which must pay suppliers, have fallen behind by anywhere from $800 million to well over a billion dollars since 2015.

"China's exports to Cuba are experiencing difficult times and the pressure continues for many businessmen due to the economic difficulties this Caribbean nation is going through," Hong Xiao, economic and commercial counsellor at the Chinese embassy, told Chinese business representatives attending a Havana trade fair last month, according to news agency Xinhua.

Cuba’s trade in goods last year was $12.6 billion, compared with $15 billion in 2015, more than 80 percent imports.

The cash crunch and lower oil supplies from Venezuela have forced the government to slash imports and reduce the use of fuel and electricity, helping tip its economy into recession in 2016 for the first time in nearly a quarter century.

The island's economy relies on imports to fuel economic activity, so a drop in Chinese exports does not bode well.

“The fall in imports from China is a pattern more or less across the board and in part reflects the government’s efforts to balance revenues and pay debt,” said former Cuban central bank economist Pavel Vidal, now a professor at Universidad Javeriana Cali in Colombia.

“That means less consumer goods and supplies for the productive sector, which effects growth,” said Vidal, who expects little if any growth this year despite increased government spending and foreign investment.

The government had hoped for a 2 percent increase in the gross domestic product after last year’s contraction of 0.9 percent.

(Reporting by Marc Frank in Havana; Additional reporting by Ryan Woo and Elias Glenn in BeijingEditing by Marguerita Choy)

By Marc Frank


© Reuters 2017
All news about PERFECT WORLD CO., LTD.
2020VPN Providers Pull Out of Hong Kong -- WSJ
DJ
2020Some VPN Providers Pull Hong Kong Servers Over Security Law Fears
DJ
2020PERFECT WORLD CO., LTD. : quaterly earnings release
2018MSCI lists 234 Chinese stocks for index inclusion in boost to capital markets
RE
2017China's exports to Cuba slump as island's cash crunch deepens
RE
2016China's Perfect World to fund Universal movies in $250 million deal
RE
More news
Financials
Sales 2020 10 553 M 1 628 M 1 628 M
Net income 2020 2 406 M 371 M 371 M
Net cash 2020 3 635 M 561 M 561 M
P/E ratio 2020 21,9x
Yield 2020 0,98%
Capitalization 55 067 M 8 496 M 8 497 M
EV / Sales 2020 4,87x
EV / Sales 2021 3,89x
Nbr of Employees 4 842
Free-Float 55,3%
Chart PERFECT WORLD CO., LTD.
Duration : Period :
Perfect World Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PERFECT WORLD CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Average target price 39,76 CNY
Last Close Price 27,39 CNY
Spread / Highest target 80,1%
Spread / Average Target 45,2%
Spread / Lowest Target 21,7%
EPS Revisions
Managers and Directors
NameTitle
Jie Lian Co-Chief Executive Officer
Hong Xiao Co-Chief Executive Officer & Director
Yu Feng Chi Chairman
Xie Xian Wen Chairman-Supervisory Board
Ying Xue Zeng Chief Financial Officer & Deputy General Manager
Sector and Competitors
1st jan.Capitalization (M$)
PERFECT WORLD CO., LTD.-7.15%8 496
MANGO EXCELLENT MEDIA CO., LTD.26.87%25 266
TOHO CO., LTD.-8.74%6 795
MADISON SQUARE GARDEN SPORTS CORP.-5.30%4 204
ALIBABA PICTURES GROUP LIMITED4.17%3 461
CHINA FILM CO.,LTD.-5.94%3 376