Shandong Gold Mining (600547.SH) posted an 83 percent year-on-year rise in first half 2011 net profit to 1.05 billion yuan, reports yicai.com, citing a company filing.

Revenue increased 13 percent to 19.8 billion yuan.

The company reported a 2.54 percentage points year-on-year increase in first half operating margins to 10.13 percent.

According to the filing, Shandong Gold Mining Resources Group, a wholly-owned subsidiary of Shandong Gold’s parent, Shandong Gold Group, had bought a 52 percent stake in Qinghai Shanjin Mining.

To avoid horizontal competition with Shandong Gold, Resources Group has decided to entrust the listed company to hold the stake instead, and will pay 200,000 per year for the entrustment.

Source:CapitalVue