China Nonferrous Metal Industry’s Foreign Engineering and Construction (000758), a manufacturer of metal products and machinery, posted net profit of 166 million yuan in the first three quarters on a 61.7 percent increase in revenue to 6.47 billion yuan, reports China Securities Journal, citing a company filing.

Third-quarter net profit fell 31.28 percent year-on-year to 37.08 million yuan.

The company attributed the higher revenue earned during the first three quarters to the increase in the price of rare earth minerals, and a significant increase in the trading volume of non-ferrous metals.

Nonferrous Metals predicts a 700-750 percent year-on-year increase in 2011 net profit.