The Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co., China's leading rare earth producer, said on April 6, its net profit reached a record high of 750.74 million yuan ($114.6 million) in 2010 due to rising rare earth prices.

The company's net profit was 55.77 million yuan ($8.52 million) in 2009.

The company attributed the profit surge to higher prices of rare earth products and the government's policies for promoting the development of the rare earth industry.

The company said its business revenue totaled 5.26 billion yuan ($803.79 million) last year, a year-on-year increase of 102.78 percent from 2009.