October 19 -- Taiyuan Twin Tower Aluminum Oxide (000795.SZ), a manufacturer of rare earth permanent magnet materials and related products, posted a 31-fold year-on-year surge in net profit for the first three quarters to 72.5 million yuan, reports Shanghai Securities News, citing a company filing.

Third quarter net profit hit 55.88 million yuan, a 690-fold year-on-year increase.

Sales revenue earned during the first three quarters rose 99.33 percent year-on-year to 1.019 billion yuan, of which revenue earned in the third quarter hit 439 million yuan, up 137.12 percent.

The company predicts a 690-890 percent year-on-year increase in 2011 net profit to between 80 million yuan and 100 million yuan, with earnings per share (EPS) of 0.29-0.36 yuan.

Taiyuan Twin Tower attributes the strong performance in the first half to higher revenues from the sales of magnetic materials and lower production cost.

The company announced that it will invest 43.88 million yuan for the production of diamond blade saws, with projected annual sales revenue of 52 million yuan and profit of 9.11 million yuan after completion.