Cheminova records loss in 2006
Cheminova recorded a pre-tax loss, "for the first time in several decades", of DKr 71 million ($12 million) in 2006. Earlier this year, the company warned of a loss for 2006, primarily due to adverse developments in the Brazilian market (Agrow No 513, p 4). Cheminova made extraordinary provisions of DKr 100 million to cover bad debts and product liability cases in Brazil. The company's insurers have not yet accepted coverage of inefficacy claims over a fungicide for use against Asian soybean rust (Phakopsora pachyrhizi).