China Gold's net profits up by 319.51% YOY in 2016
2017-04-28 17:59:39 [Print]
On the night of April 26, China National Gold Group Corporation (“CNGC” or “China Gold”) released its results for 2016 and Q1 of 2017. In 2016, China Gold achieved sales income of RMB38.93 billion and net profits of RMB742 million, up by 5.03% and 189.32% YOY respectively. In the year, the company’s total assets increased by 5.37% YOY to around RMB38.77 billion, while its net assets rose by 28.42% YOY to around RMB15.28 billion, with its net profits attributable to shareholders of the listed company increasing by 319.51% YOY to RMB 362 million.
Main reasons for the remarkable profit rise are as follows: firstly, the rising gold prices led to increased profits; secondly, some smelting plants turned losses into profits; thirdly, China Gold made progress in the cost control during the whole process.
In 2016, the company produced 109.87t of refined gold, 27.47t of gold concentrate, 38.51t of gold ingot, 19,024.97t of copper concentrate and 340,979.14t of copper cathode, up by -32.63%, 1.63%, 63.59%, 10.77% and 7,072.47% YOY respectively.
According to the 2016 annual report, China Gold plans to produce 91.31t of standard gold, 24.96t of gold concentrate, 53.84t of gold ingot, 227,036.46t of copper cathode, 17,087.69t of copper concentrate, 228.34t of electrolytic sliver, 21.75t of sliver concentrate, 158.36t of sulfuric acid and 151,700t of iron ore fines in 2017, with newly-added metal reserves of 25.51t.
According to the report for Q1 of 2017, China Gold achieved operation revenue of RMB8.03 billion and net profits attributable to shareholders of the listed company of RMB88 million with earnings per share of RMB0.03, up by 43.51%, 46.01% and 50.00% respectively over the same period last year.
Main reasons for the remarkable profit rise are as follows: firstly, the rising gold prices led to increased profits; secondly, some smelting plants turned losses into profits; thirdly, China Gold made progress in the cost control during the whole process.
In 2016, the company produced 109.87t of refined gold, 27.47t of gold concentrate, 38.51t of gold ingot, 19,024.97t of copper concentrate and 340,979.14t of copper cathode, up by -32.63%, 1.63%, 63.59%, 10.77% and 7,072.47% YOY respectively.
According to the 2016 annual report, China Gold plans to produce 91.31t of standard gold, 24.96t of gold concentrate, 53.84t of gold ingot, 227,036.46t of copper cathode, 17,087.69t of copper concentrate, 228.34t of electrolytic sliver, 21.75t of sliver concentrate, 158.36t of sulfuric acid and 151,700t of iron ore fines in 2017, with newly-added metal reserves of 25.51t.
According to the report for Q1 of 2017, China Gold achieved operation revenue of RMB8.03 billion and net profits attributable to shareholders of the listed company of RMB88 million with earnings per share of RMB0.03, up by 43.51%, 46.01% and 50.00% respectively over the same period last year.
Copper Conc. TC 25%min CIF China
Unit:USD/mt
China copper concentrate producers' output statistics by province by month
Unit: mt
