Chinese gold producer's H1 profits hit 824 mln yuan

Zhongjin Gold Corp., China's second-largest gold producer by market value, said Wednesday that its net profits narrowed 3 percent to 824 million yuan (130.8 million U.S. dollars) in the first half due to price fluctuations in the global market.

In the first six months, the company's operating revenues climbed 27.3 percent year on year to 16.2 billion yuan, with earnings per share standing at 0.42 yuan, according to a company statement filed to the Shanghai Stock Exchange.

The company continued to raise the productivity of existing gold mines in the first half, but prices for copper -- a byproduct of gold mining -- dropped nearly 20 percent during the period, sharply cutting the company's profits, said the statement.

The company plans to accelerate full gold business listings in the second half to increase its gold reserves and productivity, according to the statement.