Redsun’s agchem sales advance 8% in first half
Chinese company Nanjing Redsun recorded a 7.8% increase in pesticide sales of Yuan 2,084.3 million ($335.6 million at the current rate) in the first half of 2015. Net profit fell by more than half (54.4%) to Yuan 128.5 million ($20.7 million) in “challenging” Chinese market conditions. The gross profit margin on its pesticide products, which included the herbicide, paraquat, and the insecticide, chlorpyrifos, amounted to 18.3%, down 12.2 percentage points on the same period last year as pesticide manufacturing costs increased by over a quarter (26.7%). The company’s main sales region is its home province of Jiangsu, although sales of all products (including fertilisers) in the region fell 22.1% in the first half to Yuan 1,126.1 million ($181.3 million).