Shandong Gold Mining Co, China's third-largest bullion producer, said yesterday that first-half profit rose more than fivefold after it bought five gold mines and cut production costs.

Net income rose to 495.5 million yuan (US$72.5 million), or 1.40 yuan, from 92.6 million yuan, or 0.58 yuan a share, a year earlier, the Jinan, Shandong Province-based gold miner said in a filing to Shanghai Stock Exchange yesterday.

(Shanghai Daily August 25,2008)