SAC's main rare earth metals and compounds of Inner Mongolia Baotou Steel Rare Earth March 27 announced the 2011 annual financial report, involved in the price of rare earth products fell sharply, the sharp drop in fourth-quarter results. Fourth quarter revenue of 1.44 billion yuan, a decline of 65%, net profit of 349 million yuan, decreased by 70%. According to the statistics of the valuetool platform, the company net profit has three consecutive quarters continues to decline. The fourth quarter gross margin was 49%, a decline of 35 percent. But the benefit in the first half of rare-earth prices skyrocketing, companies' annual results increased significantly. Realize an annual sales income of 11.528 billion yuan, an increase of 119%; net profit of 3.478 billion yuan, an increase of 363%; earnings per share of 2.87 yuan. The reason for the growth performance, the company said in 2011, the state has significantly increased the intensity of support and management of rare earth industry, the rare earth industry has ushered in unprecedented opportunities for development, rare earth prices rose rapidly in the first half, second half of the year with the overall economic situation correction, but the annual average price increase year on year is still large. Significant increase in performance at the same time, the Baotou Steel Rare Earth also launched a generous profit-sharing program. Intends to send 10 shares for every 10 shares, sent 3.5 yuan (including tax) bonus issue a total of 1.211 billion shares, sent 424 million yuan of cash dividends. Rare earth prices fall since the second half of 2011, the Company believes that the rare earth products, prices fall, the turnover is light, but has yet to show signs of a reversal. But the end of the reporting period the company stock was $ 6.6 billion, surged 235 percent over the previous year. Rare earth resource tax on the company's apparent end of income tax expense 16.7 billion yuan, up 254 percent surge, in addition, the deferred income tax assets 620 million yuan, jumped 2244 percent over the previous year. Since April 2011, the new implementation of the rare earth resources tax standards than before tax standards by 10-20 times. Performance after this will be the company continues to have an impact. Rare-Earth believes that the domestic rare earth SME large number of different quality status is not a fundamental change in the consolidation and reorganization of the rare earth industry is still a big space. As the country's largest rare earth enterprises, Baotou Steel Rare Earth to accelerate the consolidation and reorganization with domestic enterprises, and promote the upgrading of industrial concentration. It is worth mentioning that the Rare-Earth Annual Report from the 91, each page of the wrap at the many "error! Not find reference to the words of the source" for such an important annual financial report, but still this low-level mistake, Baotou Steel Rare Earth responsibility doubtful whether investors. March 26 closing price of 65.49 yuan, down 2.09 percent from the previous trading day. The corresponding price-earnings ratio (ttm) of 22.8 times book value (ttm) of 14.1 times.
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