BEIJING - Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, the nation's largest rare earths producer, said Tuesday its net profit jumped 363.33 percent year-on-year to 3.48 billion yuan ($553.54 million) in 2011.

The company's sales revenue rose 119.25 percent to 11.53 billion yuan on surging prices, while earnings per share increased 363.33 percent to 2.87 yuan in 2011, according to its annual report filed with the Shanghai Stock Exchange.

It attributed the gains to favorable national policies which boosted development in the sector.

But it noted retreating prices in the second half of last year show no signs of rebounding.

Meanwhile, the company said it expects new competitors in the international market as resource exploitation picks up in Australia and the United States.

Failing to meet certain environmental standards, the company has not yet received export quotas for this year.