SHANGHAI, Apr. 22 (SMM) – Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Company released its Q1 earnings report on April 19. Net profits of listed shareholders in Q1 were RMB 245 million, down 79.68% YoY, with profits of RMB 0.101/share.
The company realized business income of RMB 2.296 billion in Q1, down 35.69% YoY. The company attributes the declines to falling rare earth product sales and traded prices on the YoY basis.
With regard to the nearly 80% declines in net profits, the company reported that is because of falling rare earth price and sales, as well as rising costs. (Edited by SMM)