China gold industry profit up 53%
(Xinhua)
Updated: 2006-08-07 16:11 China's gold companies
registered profits of 2.47 billion yuan (308 million U.S. dollars) in the first
half of this year, up a whacking 53 percent over the same period last year,
according to the latest statistics from the China Gold Association.
The association said the total industrial output for China's gold enterprises
was 22.15 billion yuan at the current price level,up 22 percent year on year.
China's produced 106.028 tons of gold, an increase of 6.314 tons or 6.33
percent over the same period last year, Shanghai Securities News reported
Monday.
Lu Wenyuan, vice chairman of the China Gold Association indicated that
rocketing prices on the international market was the main reason for higher gold
industry profits, but said growth might slow in the second semester.
The high demand for gold has pushed up prices. China's gold demand rose 2
percent in the first quarter to 68.4 tons, according to statistics issued by the
World Gold Committee.
Analysts with Antaike Information Development predicted that, because of the
fall in value of the U.S. dollar and the constant rise in international oil
prices, the domestic and international gold price would continue to rise. Some
analysts are betting on a new peak in the international gold price in the second
half of the year.
(For more biz stories, please visit Industry Updates)
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