Jiangsu Yangyong up 25% in Q1
Chinese agrochemical company Jiangsu Yangnong Chemical recorded a 24.5% jump in sales to Yuan 625.4 million ($98.9 million at the current rate) in the first quarter of 2012. Net profit for the period increased by 40.8% to Yuan 53.6 million ($8.5 million). Strong insecticide sales helped the company’s agrochemical revenues rise by 21.3% to Yuan 1,815 million ($287.1 million) in 2011 ( Agrow No 638, p 7). Earlier this year, the state-owned Chinese chemical giant, Sinochem International, purchased a 40.53% stake in the company, becoming its second-largest shareholder ( Agrow No 639, p 4).