Cheminova agchems up 4% in Q1
Cheminova recorded a 4.2% increase in first-quarter agrochemical sales to DKK 1,574 million ($271 million at the current rate). The revenue rise was achieved despite a delayed start to the season in the northern hemisphere leading to inventory build-up in the distribution channel. Higher prices in local currencies in markets around the world and increased volumes drove growth. The divestment of Stähler Switzerland, the Swiss operation of Cheminova’s German subsidiary, Stähler (Agrow No 657, p 3), reduced revenues by DKK 78 million ($13 million). Lower exchange rates for Brazilian reals and Indian rupees had a further negative impact of DKK 41 million ($7 million).