Oct. 28, 2011 (China Knowledge) - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111>, the biggest rare earth producer in China, said yesterday that its net profit soared 359% year on year to RMB 1.15 billon in the third quarter, driven by a significant increase in rare earth prices.

In the three months ended Sep. 30, the company's operating revenue was RMB 4.1 billion, up 206% year on year.

In the first nine months, the company's net profit grew 417% year on year to RMB 3.13 billion, and basic earnings per share were RMB 2.58.

The Shanghai-listed company realized RMB 10.09 billion in operating revenue in the first three quarters, 175% more than in the corresponding period of last year.

The company said earlier that its rare earth smelting and separation units will halt production for one month from Oct. 19 in response to recent drops in rare earth prices.