BRIEF: Shandong Gold logs strong first-quarter profit growth
Gold producer Shandong Gold Mining Co. Ltd. (1787.HK; 600547.SH) announced on Monday that it expects to report a first-quarter net profit of 950 million yuan ($130 million) to 1.13 billion yuan, up between 36% to 61% year-on-year. Excluding non-recurring items, the company said its first-quarter net profit is expected to be between 951 million yuan and 1.13 billion yuan, up 34% to 59% year-on-year.
The company attributed the gains to optimization of its production layout and improved management efficiency, as well as rising gold prices, contributing to a “strong start” to the year.
The company’s stock opened 1.35% lower on Tuesday in Hong Kong, and closed up 2.91% at HK$22.95 by the midday break.
By Lee Shih Ta
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