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Xiamen Tungsten expects 2011 profit to soar 191.71%

Jan. 20, 2012 (China Knowledge) - Xiamen Tungsten Co Ltd<600549>, China's largest producer of tungsten, said yesterday that it expected its net profit to grow 191.71% year on year to RMB 1.02 billion in 2011.

The company said in a statement that its earnings per share were estimated at RMB 1.50 last year.

Xiamen Tungsten saw its unaudited operating revenue jump 115.19% year on year to RMB 11.92 billion in 2011.

The Shanghai-listed company attributed the strong growth in net profit to a sharp increase in the prices of tungsten products and contribution from a real estate subsidiary based in Xiamen.

In the first three quarters of 2011, the company's net profit increased 188.35% year on year to RMB 905.72 million, and its operating revenue grew 150.12% to RMB 9.77 billion.






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