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

Rare Earth Investing

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.

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.

The Conversation (0)
×