Reuters reported that Neo Material Technologies (TSX:NEM) reported a lower Q1 profit due to increased operating costs.

As quoted in the market news:

The Toronto-based rare earth processor and producer said its profit in the quarter ended March 31, 2012 was $12 million, or 10 cents a share. That compared with a year-earlier profit of $32 million, or 26 cents a share, in the year-earlier period.

Click here to read the full Reuters report.