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Shandong Gold's FY'15 net profit drops 29.43% YOY to 587M yuan

said March 30 that its net profit attributable to shareholders dropped 29.43%year over year to 587.0 million Chinese yuan, or 41 fen per share.

Operatingrevenues were 38.57 billion yuan, down 15.77% from the recorded in 2014, asboth sales volume and the price of gold dropped in the reporting period, the company said.

The companysold 26,966 kilograms of gold in 2015, down 2.94% from a year ago. Gold output for the period increased 1.23% year overyear to 27,309 kilograms.

Thecompany plans to produce 27 tonnes of gold in 2016, with a net profit target of1 billion yuan and revenue target of 45 billion yuan.

Annualgold production was expected to exceed 55 tonnes in 2020, Shandong Gold said.

As of March 30, US$1 wasequivalent to 6.47 Chinese yuan.