SHANGHAI, Aug. 18 (SMM) - Shenghe Resources Holding said in its financial report that it succeeded to turn losses to profits during the first half of 2017.
Over the report period, its revenues reached 2.211 billion yuan in 1H 2017, up 450.78% on a yearly basis, and net profits hit 135 million yuan, a reverse from losses from the same period of last year.
The company attributed the gain to following factors. First, crackdowns on illegal capacities led by Ministry of Industry and Information Technology (MIIT) and other ministries and promotion of supply-side reform bolstered up rare earth prices. Second, the company completed its asset restructuring after merging Chenguang Rare Earth, Kebairui and Hainan Wensheng.
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