6 Apr 2010 08:46

Shandong Gold Mining expects net profit to rise 50 pct in Q1

Shanghai. April 6. INTERFAX-CHINA - Shanghai Stock Exchange-listed Shandong Gold Mining Co. Ltd. announced on April 3 that it anticipates its net profit in the first quarter will increase by 50 percent quarter-on-quarter to RMB 232.5 million ($34.06 million).

The company attributed the expected increase to the strong price of gold as well as technology upgrades and progress made on resource integration, which has enhanced its ore processing ability and increased gold output.

The company generated sales revenue of RMB 23.36 billion ($3.42 billion) and a net profit of RMB 746 million ($109.29 million) in 2009, up 17.55 percent and 17.08 percent respectively. It produced 17.67 tons of gold in the same period, up 11.86 percent year-on-year, and aims to lift that number to 18.2 tons in 2010.