BEIJING - China's major rare earth diggers REHT and China Minmentals Rare Earth Co. reported sharp profit declines on Friday, due to anaemic demand and weak prices.

According to its annual financial report, REHT raked in 5.84 billion yuan ($949 million) in operating revenue in 2014, nosediving by 31.09 percent from the previous year.

Its net profits plummeted by 57.44 percent year on year to 643 million yuan last year.

China Minmentals Rare Earth Co posted a 64.8-percent drop in operating revenue to 702 million yuan and its balance sheet turned from black to red with 55.8 million yuan of losses in net profits.

Both enterprises attributed the trimming to sluggish demand and low prices.

"Last year, the global economic recovery remained staggering and domestic downward pressure mounted, denting rare earth demand and hurting prices," REHT said in the report.

China Minmentals Rare Earth Co also felt the chilliness in the market and deliberately slowed rare earth sales last year, leading to great losses.

To restructure and consolidate its rare earth market, China integrated big diggers with dozens of small miners around the end of 2014 and established six major rare earth groups.

They are REHT, China Minmentals Rare Earth Co, Xiamen Tungsten Co, Aluminum Corporation of China, Guangdong Rare Earth Co and China Southern Rare Earth Group.

The rare earth branch of Xiamen Tungsten Co also suffered losses in 2014, according to its financial report released last week.

The remaining three firms have yet to specify their performance in the rare earth business.