Noposion issues profit warning
Chinese chemical company Shenzhen Noposion Agrochemical has lowered its profit forecast for the first three quarters of the year. The company expects nine-month growth in net profit of between 0% and 20%. This is a downgrade from the previously forecasted growth of 30-60%. The company attributes the reduction to a recent environmental pollution fine imposed on subsidiary company Jiangsu Changlong Chemicals by the Intermediate People’s Court of Taizhou in Jiangsu. The subsidiary is appealing the fine, which is expected to impact Noposion’s profits to the sum of some Yuan 47.8 million ($7.8 million at the current rate). The company, one of China's top pesticide formulators, saw net profit for the first half increased by 41.9% to Yuan 204.8 million ($33.4 million).