SHANGHAI, Apr. 3 (SMM) – Inner Mongolia Baotou Steel Rare Earth (Group) Hi-Tech Co. reported a 57.44% decline in its profit for the 2014 fiscal year, although total sales volume increased.
The company registered a net profit of 643 million yuan ($105 million) in 2014.
According to the annual report of Baotou Steel Rare Earth, sales volume of cheaper products, such as lanthanum and cerium products, increased, while that of more expensive products, such as praseodymium and neodymium products, declined. As such, its sales revenue dropped 31.09% to 5.8 billion yuan despite high overall sales volume.
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