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China National Gold beats guidance with 230M yuan H1 profit

posted a first-half profit of 230 million Chinese yuan, representing more than80% of the full-year profit guidance, Xinhua News Agency reported July 23,citing an internal company meeting.

Thecompany improved productivity for its gold operations while profit from nonminingoperations also increased in the sixmonths ending June 30.

Operatingrevenue was 50.43 billion yuan.Operation costs dropped by 97.3 million yuan, according to the report.

Atotal of 129 million yuan was spent on exploration programs in the first halfand the company's proven gold reserves rose by 10.6 tonnes.

As of July 22, US$1 wasequivalent to 6.68 Chinese yuan.