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Zijin posts 18% profit leap on rising gold prices
By Hu Xiaocen |
March 29, 2012, Thursday
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Online Edition
Online Edition
ZIJIN Gold Mining Group Co, China's biggest gold miner by market value, today posted an 18.32 percent increase in 2011 net profit on higher prices driven by demand.
The miner's net income last year rose to 5.71 billion yuan (US$902.4 million) from 4.83 billion yuan the previous year. Earnings per share increased 18.18 percent year on year to 0.26 yuan.
Gold production climbed 24.76 percent annually to 2.77 million ounces, among which mined gold dropped 1.88 percent to 920.423 ounces, while gold smelting production surged 44.24 percent y-o-y to 1.85 million ounces.
"Gross margins dipped in the fourth quarter, as domestic gold and cooper prices slid 2 and 16 percent from the previous period," said Cai Hongyu, analyst at China International Capital Co, in a report today. Cai downwardly adjusted his projection for Zijin's EPS this year and 2013 to 0.28 and 0.31 yuan on rising production cost assumptions.
The gold miner's stocks have gained 10.5 percent so far in Shanghai this year.
The miner's net income last year rose to 5.71 billion yuan (US$902.4 million) from 4.83 billion yuan the previous year. Earnings per share increased 18.18 percent year on year to 0.26 yuan.
Gold production climbed 24.76 percent annually to 2.77 million ounces, among which mined gold dropped 1.88 percent to 920.423 ounces, while gold smelting production surged 44.24 percent y-o-y to 1.85 million ounces.
"Gross margins dipped in the fourth quarter, as domestic gold and cooper prices slid 2 and 16 percent from the previous period," said Cai Hongyu, analyst at China International Capital Co, in a report today. Cai downwardly adjusted his projection for Zijin's EPS this year and 2013 to 0.28 and 0.31 yuan on rising production cost assumptions.
The gold miner's stocks have gained 10.5 percent so far in Shanghai this year.
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