Lithium carbonate maker's profits soar

The country's biggest lithium carbonate manufacturer by output has seen its profits soar, driven by a growing demand for new-energy vehicles.

Sichuan Tianqi Lithium Industries Inc had a net profit of 248 million yuan in 2015, up almost 90 percent from the end of 2014.

Its net profit in the first three months of this year stood at nearly 288 million yuan ($38.34 million), up more than 800 percent from the same period last year, with the company attributing it to the growing demand in the lithium ion battery market.