Metals companies Rising Nonferrous Metals Share (600259.SH) and Henan Yuguang Gold & Lead (600531) both reported strong first quarter profit growth today, reports Yicai.com, citing company filings.

Rising Nonferrous Metals reported a 763.89 percent year-on-year increase in net profit to 134 million yuan in the first half of 2011, with earnings per share (EPS) of 0.54 yuan.

Sales revenue in the same period grew 165 percent to 1.1 billion yuan.

The company attributed the strong sales performance in the first half to higher rare earth prices and increased market demand.

Yuguang Gold & Lead posted a 247 percent year-on-year increase in net profit to 120 million yuan in the first half of 2011, with EPS of 0.41 yuan.

In the first six months, sales volume of electrolytic lead climbed 38.71 percent to 182,100 tons, with production volume of 195,100 tons, up 37.26 percent.

Source:Capitalvue