Jul. 27, 2012 (China Knowledge) - Rising Nonferrous Metals Share Co Ltd<600259>, which is principally engaged in the mining, processing and distribution of nonferrous metal, announced yesterday that it expects its net profit to plunge more than 90% YoY in the first half of this year.
In the first six months of 2011, the company's net profit was RMB 134 million, and basic earnings per share were RMB 0.54 in the period.
Rising Nonferrous Metals Share said the sharp drop in net profit was due to significant declines in the prices of tungsten and rare-earth products.
In the first quarter of this year, the company's net profit fell 83.99% YoY to RMB 2.91 million and its core business revenue dropped 19.05% to RMB 365.87 million.
Shares of Rising Nonferrous Metals slid 4.68% to stand at RMB 61.05 in the morning session today.