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Chinese gold producer Zhaojin Mining posts lower 9-month profit

Zhaojin Mining Industry Co. Ltd. posted a consolidated net profit of 316.9 million Chinese yuan attributable to shareholders under Chinese accounting standards for the first nine months of 2019, falling from 355.6 million yuan in the same period of 2018.

Revenue increased to 4.63 billion yuan from 4.56 billion yuan, while the cost of sales rose to 2.83 billion yuan from 2.79 billion yuan, the Chinese gold producer said Oct. 16. Operating income decreased to 440.0 million yuan from 598.76 million yuan. Results included a 24.0 million yuan fair value loss, compared to an 8.1 million yuan loss a year ago, as well as a 463.1 million yuan loss on an asset disposal.

In September, Zhaojin agreed to issue up to 1.5 billion yuan in debt, with proceeds intended for general working capital and repaying loans.

As of Oct. 15, US$1 was equivalent to 7.08 Chinese yuan.