China Knowledge reported that Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd the biggest rare earth producer in China net profit soared 359% YoY to CNY 1.15 billon in the third quarter driven by a significant increase in rare earth prices.

In the three months ended September 30, the company operating revenue was CNY 4.1 billion up by 206%YoY. In the first nine months the company net profit grew 417%YoY to CNY 3.13 billion and basic earnings per share were CNY 2.58.

The Shanghai listed company realized CNY 10.09 billion in operating revenue in the first three quarters up by 175%YoY.

The company said earlier that its rare earth smelting and separation units will halt production for one month from Oct. 19 in response to recent drops in rare earth prices.

(Sourced from China Knowledge)