Sanonda continues to recover in third quarter
Chinese company Hubei Sanonda saw continued growth in the third quarter of 2011, posting sales of Yuan 469.8 million ($73.8 million at the current rate), an increase of 18.2% on the same period last year. Nine-month sales increased by 24.6% to Yuan 1,487.1 million ($233.5 million). “Agrochemicals”, which include pesticides and fertilisers, accounted for 93.3% of the company’s total sales in 2010 ( Agrow No 616, p 7). Net profit during the third quarter saw considerable growth, reaching Yuan 16.5 million ($2.6 million), more than quadruple last year’s figure. Net profit for the first nine months more than doubled to Yuan 36.2 million ($5.7 million). Sanonda’s agrochemical sales increased by 35.2% to Yuan 908.1 million ($142.6 million) in the first half ( Agrow No 623, p 6), showing recovery after a poor 2010, in which sales fell 8.9% to Yuan 1,384.5 million ($217.4 million, Agrow ibid).