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China Northern Rare Earth's H1 earnings up 22% YOY

China Northern Rare Earth (Group) High-Tech Co. Ltd. said Aug. 23 that its net profit attributable to shareholders for the first half rose 22.2% year over year to 266.0 million Chinese yuan from 217.7 million yuan.

EPS increased to 7.32 fen, from 5.99 fen in the year-ago period. The company's operating revenue was up 49.6% year over year, reaching 8.52 billion yuan compared with 5.69 billion yuan.

China Northern Rare Earth attributed its growth in earnings to increased production and improved marketing and sales.

In a separate, same-day exchange filing, the company said it plans to launch a debt offering of up to 1.3 billion yuan.

The maturity of the notes will be set at no more than five years. Proceeds will be used for general working capital and to repay bank loans.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.