SHANGHAI, Feb. 13 (SMM) – Xiamen Tungsten Co.’s net profit dropped 3.8% in 2014 due to lower prices for tungsten and continued sluggishness in rare earth market.
The company registered a profit of 44.21 million yuan ($7.19 million) last year, or 0.6482 yuan per share, according to its annual report.
“Overseas companies refrained from buying with expectation of cancelation of China’s tungsten export quotas, driving down prices of the product and squeezing the company’s margins,” the company said in the report.
Besides, the company’s subsidiary Changting Golden Dragon Rare Earth Co. posted a 17.88-million-yuan loss in 2014 due to the chronic weakness in rare earth market.
That being said, Xiamen Tungsten reported a 30.26% rise in operating revenue from battery material operations.
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