Cheminova upgrades profits
Cheminova has raised its sales and profits forecast for 2008 following a boost from rising sales and prices for the herbicide, glyphosate. The company has increased its expected annual revenues by 5.8% to DKr5,500 million ($1,150 million at current rates). It predicted sales of DKr5,200 million ($1,087 million) following its first quarter results ( Agrow No 546, p 5). Profits should reach DKr450-500 million ($94-105 million) rather than the previous estimate of DKr250-300 million ($52-63 million). Demand for its “most important product”, glyphosate, has risen as supply has fallen leading to higher prices, Cheminova says.