Wynca issues 2011 profit warning
Chinese chemical company Zhejiang Wynca Chemical has issued a profit warning for its 2011 results. The company, which topped the Chinese Crop Protection Industry Association's top 100 agrochemical company ranking last year ( Agrow No 627, p 7), expects net profit for the year to fall by over 80%. The warning comes after a year of continued market stagnation for its main product, the herbicide, glyphosate. Wynca recorded net profits of Yuan 167.7 million ($26.6 million) in 2010. It saw sales increase throughout the first three quarters of 2011, but rising costs culminated in an operating loss of Yuan 31.8 million ($5 million) during the third quarter ( Agrow No 628, p 3).