China Northern Rare Earth expects net profits in H1 to rise by 230%-260% YOY
2017-07-18 14:59:23 [Print]
China Northern Rare Earth Group (“China Northern Rare Earth” or the “Group”) announced on the night of July 14 that its net profits attributable to shareholders of the listed company was expected to rise by 230%-260% YOY in the first half of 2017 after the preliminary calculation by the financial department. In H1 of 2016, the company reported around RMB31.25 million of net profits attributable to shareholders of the listed company.
According to the announcement, during the first half of 2017, in accordance with the full-year production targets, the Group continued to reduce costs and improve efficiency, strengthen the management of production, increase sales of main products to raise incomes and profits. In addition, the government continued to carry out a thorough rectification of the production and circulation order of the rare earth industry, leading to a modest growth in rare earth demand and price rises of rare earth products. As a result, the rare earth industry witnessed better performance results. The Group credited the above factors for the sharp year-over-year rise in its net profits during the reporting period.
According to the announcement, during the first half of 2017, in accordance with the full-year production targets, the Group continued to reduce costs and improve efficiency, strengthen the management of production, increase sales of main products to raise incomes and profits. In addition, the government continued to carry out a thorough rectification of the production and circulation order of the rare earth industry, leading to a modest growth in rare earth demand and price rises of rare earth products. As a result, the rare earth industry witnessed better performance results. The Group credited the above factors for the sharp year-over-year rise in its net profits during the reporting period.
