China Northern Rare Earth Group sees net profits increase by 258% YOY in H1 of 2017
2017-08-21 17:59:32 [Print]
China Northern Rare Earth Group (“the Company”) released semi-annual report on August 17 at night that in H1 of 2017 it realized operating revenue of RMB4.075 billion, up by 83.74% YOY; it achieved net profits of RMB112 million, up by 258.27% YOY.
As MIIT together with relative ministries and commissions carried out special rectification action on rare earth industry in H1 of 2017 to reorganize the industry order, the rare earth industry became stable with prices for rare earth products generally moving up. In the meantime, driven by the moderate increase in demand in the rare earth market, the rare earth industry became more properious.
In addition, the Company saw more profits mainly due to acquisition and reorganization. It held Gansu Rare Earth and acquired Dabowen in H1 of 2017, which optimized industrial structure and improved competitive force of the whole industrial chain.
As MIIT together with relative ministries and commissions carried out special rectification action on rare earth industry in H1 of 2017 to reorganize the industry order, the rare earth industry became stable with prices for rare earth products generally moving up. In the meantime, driven by the moderate increase in demand in the rare earth market, the rare earth industry became more properious.
In addition, the Company saw more profits mainly due to acquisition and reorganization. It held Gansu Rare Earth and acquired Dabowen in H1 of 2017, which optimized industrial structure and improved competitive force of the whole industrial chain.
