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Inner Mongolia Baotou Steel Rare-Earth Sees Sharp Drop in Net Profit
Apr. 16, 2014 04:45PM PST
Rare Earth InvestingXinhuanet reported that in the first quarter of 2014, Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co. Ltd.’s (SSE:600111) net profit sunk 71.71 percent from the year-ago period, hitting US$11.26 million.
Xinhuanet reported that in the first quarter of 2014, Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co. Ltd.’s (SSE:600111) net profit sunk 71.71 percent from the year-ago period, hitting US$11.26 million.
As quoted in the market news:
Its revenue tumbled 52.76 percent from the same period last year to 1.09 billion yuan, according to the company’s financial report for the January-March period.
The producer attributed the sharp drop to declines in both sales and prices amid a lackluster market.
The shrinking profit was partly due to the World Trade Organization (WTO)’s ruling against China’s regulation of rare earth supply.