Jiangsu Yangnong falls in first half
Chinese agrochemical company Jiangsu Yangnong Chemical recorded sales of Yuan 959.6 million ($141.8 million at the current rate) in the first half of 2010, a drop of 12.5% on the same period last year. Insecticides, the company's largest product category, fell by 12.3% to Yuan 624.8 million ($92.3 million) during the period. Herbicides were down 13% to Yuan 334.8 million ($49.5 million). Domestic sales dropped 22.8% to Yuan 436.4 million ($64.5 million), while exports slipped by 1.7% to Yuan 523.2 million ($77.3 million). Poor domestic sales were partly due to reduced occurrence of insect pests, the company says. Manufacturing costs were down 13.1% to Yuan 762.3 million ($112.7 million). Net profit fell by 5.8% to Yuan 113 million ($16.7 million). Jiangsu Yangnong saw sales fall by 27.2% to Yuan 1,445 million ($213.6 million) in 2009 ( Agrow No 590, p 3).