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Baotou Steel Rare-Earth sees 6.27-fold rise in H1 net profit

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, Jiangxi 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.







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