Kingold Jewelry, Inc. announced unaudited consolidated earnings results for first quarter ended March 31, 2017. For the quarter, the company reported net sales of $292,264,077, income from operations of $13,243,518, loss from operations before taxes of $23,593,768, net loss attributable to company of $21,305,819 or basic and diluted per share of $0.32, net cash used in operating activities of $54,677,306, purchases of property and equipment of $506,991 compared to the net sales of $282,188,057, income from operations of $25,608,792.00, income from operations before taxes of $20,263,891.00, net income attributable to company of $15,198,410.00 or basic and diluted of $0.23, net cash used in operating activities of $148,016,197, purchases of property and equipment of $42,449 for the same quarter a year ago.

Based on its existing resources and capacity along with strong demand for 24-karat gold products in China, the company reiterates its expectation that gold processed will be between 70 metric tons and 80 metric tons during 2017.

For the quarter, the company processed a total of 16.0 metric tons of 24-karat gold products, increased 8.1% from 14.8 metric tons.