BEIJING - Minmetals Development Co Ltd, a listed unit of China's leading non-ferrous metal producer, said Friday that it overcame headwinds brought by slackened steel demand worldwide last year and realized a year-on-year increase in net profits in 2011.

Net profits totaled 537.8 million yuan ($85.44 million), in contrast to massive losses in the country's steel sector, according to the company's annual report filed with the Shanghai Stock Exchange.

The firm attributed the strong performance mainly to product quality improvement and consolidation of its market position.

The company's business revenues grew 23 percent from the previous year to 162.1 billion yuan, according to the report.

Its earnings per share stood at 0.502 yuan, up 39.75 percent year-on-year.

The company expects revenues from its main businesses to reach 160 billion yuan in 2012.