BRIEF: Shandong Gold’s profit surges 91% in first three quarters
Gold producer Shandong Gold Mining Co. Ltd. (1787.HK; 600547.SH) announced on Wednesday that its revenue rose 25% year-on-year to 83.78 billion yuan ($11.8 billion) in the first nine months of this year, while its profit jumped 91.5% to 3.96 billion yuan.
The company recorded third-quarter revenue of 27 billion yuan, up 27.3% year-on-year, while its quarterly net profit rose 68.3% to 1.15 billion yuan. It attributed the strong performance to higher gold prices and increased sales volumes. During the period, it improved its production layout, enhanced core technologies and improved operational efficiency, resulting in better productivity and resource utilization.
The company’s total assets stood at 172 billion yuan at the end of September, up 7% from a year earlier, while its net operating cash flow rose 49.1% to 15.2 billion yuan.
Shandong Gold’s stock opened higher on Thursday in Hong Kong and closed up 1.29% at HK$33 by the midday break. The stock has gained about 44% over the past six months.
By Lee Shih Ta
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