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Baotou Steel Rare Earth projects hefty Q1 profits

Updated: 2012-04-10 10:14


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BEIJING - Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, the nation's largest rare earth producer, said Monday that its first-quarter profits were expected to jump at least 130 percent year-on-year.

The company had shifted its marketing strategies in a timely manner and received more sales from big customers during the first quarter, which helped boost its profits, the rare earth producer said in a statement filed to the Shanghai Stock Exchange.

The company's net profits hit 483.86 million yuan ($76.8 million) during the first quarter of 2011. Earnings per share stood at 0.4 yuan, according to the statement.

In late March, the producer reported high 2011 profits with earnings skyrocketing 363.33 percent to 3.48 billion yuan.

The company's shares dipped 0.11 percent to close at 71.59 yuan on Monday.

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