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Shandong Gold Mining's profit for Q1 up 39.23%

Apr. 24, 2012 (China Knowledge) - Shandong Gold Mining Co<600547>, the third-largest bullion producer in China, yesterday posted RMB 617 million-net profit for the first quarter of this year, reflecting a year-on-year increase of 39.23%.

Operating revenue surged 63.17% from a year earlier to RMB 12.9 billion. Earnings per share were RMB 0.43, up 38.71% year on year. The Shanghai-listed firm attributed the profit and revenue growth to increased gold output and decreased operating costs.

At the end of last month, the Chinese gold giant had RMB 13.3 billion in total assets, whereas it had RMB 12.66 billion as of Mar. 31, 2011.

Shandong Gold Mining's net profit reached RMB 1.9 billion in 2011, up 55.55% from a year earlier, and its operating revenue grew 25.07% year on year to RMB 39.42 billion last year.

The company expects to reap RMB 2.9 billion in profit and RMB 45 billion in revenue in 2012, and its gold output is expected to reach 25 tons this year.

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