Inner Mongolia Baotou Steel Rare-Earth Sees Sharp Drop in Net Profit

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.

Click here to read the full Xinhuanet report.