China's Zhongjin Gold first half profits nearly triple

Gold bars produced by Zhongjin Gold Corp on display in a store in Zhengzhou, Central China's Henan province, Nov 16, 2004. [Photo/VCG]

BEIJING - Zhongjin Gold Corp, one of China's leading gold producers, announced Monday that its profits nearly tripled in the first half of this year partly due to rising gold prices.

The company's net profit of 194 million yuan ($29.02 million), was 290 percent up from the same period last year, according to its report filed with the Shanghai Stock Exchange.

The company generated 13.3 billion yuan of revenue in the first six months, down 24.8 percent year on year.

The profit surge was mainly due to rising gold prices, cutting costs and improving efficiency.

Boosted by weaker US equities, dollar and a generally subdued economy, the price of gold, widely seen as a safe haven asset, has risen this year.

Shares of the gold producer fell 1.21 percent to 13.11 yuan on Monday.