Shandong Gold sees Q1 profit leap on price rise
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Shandong Gold Group Co., Ltd., one of China's leading gold producers, announced Saturday that it expected to see a more than 50 percent net profit rise in the first quarter this year.
The eastern Shandong-based firm attributed the net profit surge to the firm's growing production capacity, rising gold price and effective cost cutting measures, it said in a statement filed to the Shanghai Stock Exchange Saturday.
The gold producer raked in 155.3 million yuan (US$22.7 million) net profit in the first three months last year. The firm will give detailed net profit figures in its first-quarter report, according to the statement.
Its A-share price gained 4.6 percent to 74.97 yuan per share Friday.
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