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China Northern Rare Earth expects FY'18 earnings to rise 60%

China Northern Rare Earth (Group) High-Tech Co. Ltd. said Jan. 11 it expects to record a year over year growth of between 37% and 60%, or 150 million Chinese yuan to 240 million yuan, for its net profit attributable to shareholders in 2018.

The company reported a net profit of 401.3 million yuan a year earlier.

China Northern Rare Earth also said its EBITDA in 2018 is estimated to see an yearly increase of between 30% and 60%, or 100 million yuan to 193 million yuan, from 322.2 million yuan in 2017.

The company said the earnings growth was due mainly to the disposal of assets.

As of Jan. 10, US$1 was equivalent to 6.79 Chinese yuan.