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Baotou Steel Rare-Earth's Q3 profit down 90%

Oct. 22, 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 attributable to shareholders plunge 89.6% YoY to RMB 120 million in the third quarter of this year.

According to a statement filed with Shanghai Stock Exchange, basic earnings per share for the period were RMB 0.05, less than RMB 0.7 it realized in the corresponding period of 2011.

From July to September, the rare earth producer saw its operation revenue decrease 52.2% from a year earlier to RMB 1.97 billion.

In the first nine months of this year, Baotou Steel Rare-Earth realized a total of RMB 3.13 billion in operation revenue, down 18.12% YoY, while its net profit for the nine-month period dropped 46.02% YoY to RMB 1.69 billion.

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