SHANGHAI, Aug. 28 (SMM) – Henan Yuguang Gold & Lead Co. jumped into the black in the first half of the year, helped by lower costs and government subsidies, according the company’s semiannual report filed to the Shanghai Stock Exchange.
The company made a net profit of 12.3 million yuan ($2.0 million), or 0.04 yuan per share, in the first half of the year, compared with a 243.9 million yuan loss reported in H1 2013.
Although selling prices for Yuguang’s major products – lead, gold and silver – dropped 2.55%, 16.35%, and 21.91%, respectively, the company managed to secure lower-priced raw materials, helping it turn around.
In addition, the company also received value-added-tax rebate and government subsidies for recycling sulfuric acid from off-gas and lead from scrap batteries.
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