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Baotou Steel Rare-Earth's Q1 net profit up 149.44%

Apr. 19, 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 149.44% year on year to RMB 1.21 billion in the first quarter of this year.

Basic earnings per share were RMB 0.997 during the period.

Inner Mongolia Baotou Steel Rare-Earth said the strong growth in net profit was due to increases in both rare earth prices and sales volume.

The company's operating revenue surged 68.72% year on year to RMB 3.57 billion in the first three months.

The Shanghai-listed company earlier reported a net profit of RMB 3.48 billion for 2011, 363.33% more than in the previous year.

Inner Mongolia Baotou Steel Rare-Earth also said that it plans to invest RMB 87.5 million to set a joint venture in Jingjiang of Jiangsu Province to produce rare earth trichromatic phosphor, widely used in energy-saving lamps, in an effort to further expand into downstream rare earth sectors. The company will hold a 35% stake in JV.

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