国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Zijin: gold price to rise in H2 on cost controls

Updated: 2012-08-14 06:43

By Sophie He(HK Edition)

  Print Mail Large Medium  Small

Zijin Mining Group Co Ltd, the biggest gold producer in China, expects better business performance in the second half as production increases and profit margins improve on effective cost control, chairman Chen Jinghe said.

Speaking at a press conference in Hong Kong on Monday to announce the company's interim results, Chen said in the first half of 2012, the company's net profit was 2.385 billion yuan, a 19.95 percent decrease from the same period a year ago.

No interim dividend was recommended.

Zijin Mining blamed its poor result in the first half to the negative impact of the Chinese Lunar New Year holidays as well as the adverse weather conditions on its production.

Zijin Mining's overall gross profit margin was 26 percent for the first half of 2012, a 10.2 percentage points fall over the same period last year.

Chen believes there is room for gold price to rise in the second half and the rising production costs trend has already been effectively contained since the second quarter of the year.

The gold price has dropped from US$1,920 an ounce at the peak last year to US$1,597.41 at the end of June, the firm said in a statement.

Chen explained that the company's profit margin was squeezed because a larger proportion of its sales income contribution was from its low-margin refinery and processing sector, which had been impacted by rising costs of raw materials and labor during the review period.

China International Capital Corporation Analyst Cai Hongyu, who is relatively bullish about the gold price, said in a research report that although the gold price had been fluctuating recently, its downside is limited.

"The gold price is likely to be boosted by the rising demand from the upcoming holidays in China and other gold consumption countries" said Cai, adding that the rising expectation of QE3 will provide support for gold price too.

He said Zijin Mining's rising costs will continue to weigh on its performance in the second half, but along with commencement of production of the Heilongjiang Duobaoshan Copper Mine, the increasing copper production will partially offset the impact of rising costs and help the company to achieve better results in the second half.

At the press conference, Chen said that the valuations of global mining and gold stocks are "reasonable" now amid the European debt crisis and as more acquisition opportunities have arisen.

sophiehe@chinadailyhk.com

(HK Edition 08/14/2012 page2)

合川市| 唐山市| 扎囊县| 阿坝县| 古丈县| 桂阳县| 武宁县| 鄂温| 鄄城县| 石家庄市| 修文县| 九台市| 建水县| 兰溪市| 望都县| 昭通市| 东山县| 荥经县| 隆化县| 东阿县| 康马县| 盖州市| 永州市| 金平| 北安市| 化州市| 华坪县| 广灵县| 文登市| 武隆县| 泽州县| 泰来县| 三亚市| 贵定县| 沿河| 营口市| 洪泽县| 当涂县| 许昌县| 隆昌县| 江津市|