China Nonferrous Metal Industry’s Foreign Engineering and Construction, a company that manufactures metal products and a range of different machinery, has announced that it has returned to profitability during the first half of 2011 after posting a new profit of CNY 129 million (£12.2 million).

This compares extremely favourably to the same period in 2010, when the company incurred a loss of CNY 42.29 million (£4 million). Their overall revenue increased by 60.9% year on year as well.

This has led the company to predict an astonishing 1,450-1,500% year-on-year increase in profit for the first three quarters of the year after an increase in prices for rare earth metals.