Sanonda expects 2011 profits to have doubled
Chinese agrochemical company Hubei Sanonda expects its net profit for 2011 to have increased by between 100% and 150% compared with the previous year. Net profits for 2011 are estimated to be between Yuan 47.4 million ($7.5 million at the current rate) and Yuan 59.2 million ($9.4 million). The company attributes increased profitability in the period to stronger marketing and “substantial growth” in export sales. Hubei Sanonda, which is a subsidiary of China's state-owned agrochemical giant ChemChina Agrochemical, saw its net profit for the first nine months of 2011 more than double to Yuan 36.2 million on 25% higher sales ($5.7 million – see this issue).