Aug. 3, 2010 (China Knowledge) - Inner Mongolia
Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111
> announced today that its net profit for the firs half of this year surged 626.77% year on year to RMB 354 million.
The company said in its interim report that its operating revenue rose 157.33% year on year to RMB 2.33 billion in the first six months.
The Shanghai-listed company attributed the robust growth in net profit to rising prices of rare-earth products and higher profit margin.
Baotou Steel Rare-Earth also announced plans to invest RMB 232 million in three rare-earth companies to expand its rare-earth business in South China.
The company will invest RMB 73.87 million to buy a 48% stake in a rare-earth enterprise in Ganzhou
Province, contribute RMB 89.21 million to set up a 49:51 joint venture with a Ganzhou-based company and spend RMB 69.34 million to buy a 9.25% stake in another Ganzhou-based firm that aims to go public within three years.