Minmetals Development, a unit of China's leading non-ferrous metal producer China Minmetals, said Friday that its net profit increased 44.29 percent year on year in 2010.

Net profits totaled 385 million yuan (58.67 million U.S. dollars) and earnings per share stood at 0.359 yuan, up 44.29 percent year on year, the company said in a statement filed with the Shanghai Stock Exchange.

The firm's full-year revenues grew by 39.4 percent year on year to 131.5 billion yuan, according to the statement.

The firm attributed the strong performance mainly to the improved management of its supply chain, the development of diversified value-added services, and the synergy of its value chain.

Forecasting that steel prices would remain high in 2011, Minmetals Development expects revenues from its main businesses to reach 135 billion yuan in 2011.