Xiamen Tungsten Co., Ltd., China's largest producer and exporter of tungsten and molybdenum products, Wednesday said its net profit increased 40.49 percent to 467 million yuan (68 million U.S. dollars) last year.

In an unaudited financial statement to the Shanghai Stock Exchange, the company based in Xiamen, southeast China's Fujian Province, expected the earnings per share would stand at 0.31 yuan, up 7.43 percent year on year.

The company attributed the profit to the soaring revenue made by its subsidiary property company. The company said it would announce specific figures in the annual business report later.

Shares of Xiamen Tungsten opened at 15.64 yuan Wednesday, 1.36 percent higher than the previous closing on the profit figures.