Aceto's agchems plunge in first quarter
The agrochemical sales of US company Aceto (Port Washington, New York) plunged by 62.2% to $2.5 million in the three months ended September 30th 2011. Gross profit for its first quarter of fiscal 2012 dropped by 39.6% to $134,000. The company attributes the results to lower sales of the herbicide, glyphosate, which it introduced amid difficult trading conditions in fiscal 2010. Aceto has since backed away from the glyphosate business ( Agrow No 619, p 2). It also points to reduced sales of potato sprout inhibitors. Agrochemicals accounted for just 2.4% of Aceto’s total revenues and less than 1% of gross profit in the quarter.