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Baotou Steel Rare-Earth's H1 profit down 20.6%

Aug. 21, 2012 (China Knowledge) - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111>, the biggest rare earth producer in China, has announced its net profit for the first half of this year to decrease 20.6% from a year earlier to RMB 1.57 billion.

Basic earnings per share for the period were RMB 0.65, less than RMB 0.82 it realized in the corresponding period of last year.

In a statement filed with Shanghai Stock Exchange, the company saw its operation revenue for the first half of this year reached RMB 6.3 billion, reflecting a YoY increase of 5.3%.

The company said the lower rare earth prices and higher production costs make its gross margin decline significantly during the reporting period.

In the first quarter of this year, Baotou Steel Rare-Earth booked RMB 1.21 billion in net profit, surged 149.44% from a year earlier, due to increases in both rare earth prices and sales volume, China Knowledge reported earlier.

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