Hong Kong Appoints Local Lawyer to Prosecute Jimmy Lai

Hong Kong’s Department of Justice hired Senior Counsel Benjamin Yu to replace British lawyer David Perry in prosecuting media tycoon and activist Jimmy Lai, local media including Apple Daily and Now TV reported, citing unnamed sources.

• NOTE: U.K. Lawyer Withdraws From Hong Kong Case After Raab Criticism
• NOTE: Hong Kong Top Court Orders Jimmy Lai Be Returned to Jail

Kia Motor Q4 Profit Surges

Kia Motor (KIMTF.PK) reported that its fourth-quarter net profit was 976.8 billion Korean won, up 182 percent from the previous year. Quarterly operating profit more than doubled to 1.28 trillion won from the previous year.

The strong performance was supported by Kia’s enhanced global product mix and ongoing success of the brand’s high-margin RV models, including Telluride, Seltos, and Sorento SUVs and the Carnival minivan, the company said.

Sales of Kia’s RV models accounted for 58.7 percent of the total sales volume, the highest RV share ever and leading overall profit growth.

During the fourth-quarter, Kia sold 742,695 units across global markets, a slight decrease from 742,733 units last year. Sales in Korea decreased 5.2 percent to 137,389 units, due to the ongoing challenges presented by the Covid-19 pandemic and product disruptions.

Sales outside of Korea climbed 1.2 percent to 605,306 with strong recovery in the U.S, alongside significant growth in India.

Quarterly revenue rose 5 percent year-on-year to 16.91 trillion won.

For 2021, the company targets global sales of 2.92 million units, a 12.1 percent increase compared to 2020 global sales volume. The company targets sales in Korea of 535,000 units and 2.39 million units for sales outside of Korea.

Kia said it will continue to enhance its product lineup with new models, including the launch of its first battery electric vehicle model.

The company’s board approved a plan to pay a year-end dividend of 1,000 won per share.

KPN Q4 Adj. EBITDA AL Rises Excl. Divestments – Quick Facts

KPN (KKPNY.PK,KPN) reported that its fourth quarter net profit increased to 174 million euros from 84 million euros, prior year. Adjusted EBITDA AL was 561 million euros, flat with prior year. Excluding divestments, adjusted EBITDA AL was up 1.2%.

Fourth quarter adjusted revenues were 1.35 billion euros, down 2.8% from a year ago. Excluding divestments, revenues declined 1.0%.

For fiscal 2021, KPN specified its adjusted EBITDA AL outlook to approximately 2.345 billion euros. Also, KPN reiterated its 2023 ambitions.

The company expects to pay a dividend of 13.6 euro cents per share over 2021, up 4.6% from prior year. KPN plans to pay a regular dividend per share of 13.0 euros cents in respect of 2020.

3i Infrastructure: Overall Portfolio Continues To Perform In Line With Expectations

3i Infrastructure plc (3IN.L) issued a statement relating to the period from 1 October 2020 to 31 December 2020. The Group said its portfolio continues to be resilient through the ongoing Covid-19 pandemic, meeting its expectations. Total income and non-income cash was 24 million pounds for the period, in line with its expectations. This is compared to 44 million pounds of income and non-income cash received for the same period last year.

3i Infrastructure stated that the company is on track to meet its dividend target for the year ending 31 March 2021 of 9.8 pence per share, a year-on-year increase of 6.5%.

Tullow Oil Plc Issues Trading Statement – Quick Facts

Tullow Oil plc (TLW.L) said, for full year 2020, it anticipates: revenue to be approximately $1.4 billion; and gross profit to be approximately $0.4 billion. Group working interest oil production averaged 74,900 bopd in 2020, in line with guidance. Year-end net debt reduced to approximately $2.4 billion, as a result of $430 million free cashflow.

For 2021, Tullow Oil projects Group working interest oil production to average 60-66,000 bopd. Capital expenditure is estimated to be approximately $265 million.

Tullow Oil also announced that the Group and its lending banks have agreed to extend the redetermination of Reserve Base Lending facility, which was due to complete in January, by up to one month.

Taiwan says chipmakers to prioritise auto chips

TAIPEI (Reuters) – Taiwan Economics Minister Wang Mei-hua said on Wednesday she had met with senior executives of four major Taiwanese chipmakers who told her they were willing to prioritise supplies for auto makers amid a global shortage of chips for the industry.

Wang told reporters that the chipmakers said they were willing to increase capacity to supply auto chips as much as they could and negotiate with other clients to put supplies for auto chips first.

But she said the chip shortage issue will take time to resolve.

United Micro Electronics Corp. Q4 Profit Climbs

United Micro Electronics Corp. (UMC) released earnings for its fourth quarter that climbed from last year.

The company’s profit totaled NT$11.20 billion, or NT$0.92 per share. This compares with NT$3.84 billion, or NT$0.33 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 8.2% to NT$45.30 billion from NT$41.85 billion last year.

United Micro Electronics Corp. earnings at a glance:

-Earnings (Q4): NT$11.20 Bln. vs. NT$3.84 Bln. last year.
-EPS (Q4): NT$0.92 vs. NT$0.33 last year.
-Revenue (Q4): NT$45.30 Bln vs. NT$41.85 Bln last year.