Yangnong jumps 41% in first quarter
Chinese agrochemical company Jiangsu Yangnong Chemical recorded a 40.9% rise in sales to Yuan 881.5 million ($140.6 million at the current rate) in the first quarter of 2013. Net profit for the period almost doubled, increasing 89% to Yuan 101.3 million ($16.2 million). That was despite manufacturing costs rising by 35.5% to Yuan 761.2 million ($121.4 million). Strong herbicide sales helped the company’s 2012 agrochemical revenues increase by some 20% to Yuan 2,218.7 million ($353.9 million - Agrow No 662, p 6). Yangnong Chemical is one of China’s top five producers of the herbicide, glyphosate.