Baotou Steel Rare-Earth Hi-tech Co. (Baogang Rare-Earth), a subsidiary of Inner Mongolia-based Chinese steel producer Baotou Iron and Steel Group (Baogang Group), has announced a net profit of RMB 1.207 billion ($191.40 million) for the first quarter of the current year, up 149.44 percent year on year, while earnings per share amounted to RMB 0.997 ($0.1581).
In the first quarter, Baogang Rare-Earth's operating revenues totaled RMB 3.570 billion ($566.12 million), up 68.72 percent year on year. The company said its strong results were attributable to increases in prices and sales volumes.
Meanwhile, Baogang Rare-Earth's net profit for 2011 reached RMB 3.478 billion ($551.53 million), increasing by 363.33 percent year on year.