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Baotou Steel Rare-Earth's 2011 net profit up 363.33%

Mar. 27, 2012 (China Knowledge) - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111>, the biggest rare earth producer in China, announced yesterday that its net profit soared 363.33% year on year to RMB 3.48 billion last year.

Basic earnings per share were RMB 2.87 in 2011, and the company proposed a final dividend of RMB 3.5 per ten shares.

Inner Mongolia Baotou Steel Rare-Earth's sales jumped 119% year on year to RMB 11.53 billion last year, boosted by significant increases in the prices of rare-earth products amid strong demand by the downstream sectors.

Revenue from rare-earth oxide increased 176.61% year on year to RMB 4.97 billion last year, and that from rare-earth metals rose 61% to RMB 2.55 billion.

The Shanghai-listed company said that it this year plans to accelerate its development of new rare-earth materials and expansion in the downstream industries.

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