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Rising Nonferrous' net profit over triple in 2011

Apr. 11, 2012 (China Knowledge) – Rising Nonferrous Metals Share Co Ltd<600259>, which is principally engaged in the mining, processing and distribution of nonferrous metal, said its net profit attributed to shareholders skyrocketed 354.29% year on year to RMB 173 million in 2011, mainly due to the increase in sales and prices.

Sale revenue for last year surged 98.46% higher than a year earlier to RMB 2.22 billion.

In July last year, Rising Nonferrous signed a cooperation agreement with Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111> to seek a further development in rare-earth industry, China Knowledge reported earlier.

According to a statement filed with Shanghai Stock Exchange, Rising Nonferrous expects its sale revenue to plunge 80% to 90% year on year in the first quarter of 2012, and the net profit to be between RMB 1.8 million to RMB 3.6 million.

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