SHANGHAI, Apr. 9 (SMM) – Henan Yuguang Gold & Lead Co. broke into the black in 2014 by registering a net profit of 23.4 million yuan ($3.8 million), the company’s annual report shows.
Yuguang Gold & Lead’s lead and silver output was 343,400 tonnes and 654.99 tonnes, respectively, last year, down 2.5% and 6.5% on the year. Gold production increased 30.7% to 3,497 tonnes. Meanwhile, selling prices of these major products all declined. Thus, the company’s sales revenue dropped 21.36% to 8.9 billion yuan.
Despite lower sales, Yuguang’s new projects, including its smelting slag processing project which began producing copper cathode last year, scrap battery recycling project and new environmental protection measures helped lower its costs and increase income.
Moreover, the company also benefited from falling prices for raw materials and slower declines in gold and silver prices.
Tax rebates for battery recovery and subsidies helped the company earn a profit as well.
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