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.