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Nanjing Redsun witnesses fall in sales revenue and net profit in H1 2016: respectively down 34.4% and 67.4% YoY
Sep. 9, 2016
Nanjing Red Sun Co.,Ltd.
ChinaFollow
ChinaNanjing Redsun’s main products include pyridine, hydrocyanic acid and pyrethroids. In H1 2016, the company’s sales revenue from pesticides was USD326.7 million, up 3.9% YoY, with gross profit margin 14.0%, down 4.3 percentage points YoY.
The reason for the drop in Nanjing Redsun’s sales revenue mainly lies in the company’s stock transfer. In 2015 Nanjing Redsun transferred its stocks in Jiangsu Zhenbang Crop Technology Co., Ltd. (Jiangsu Zhenbang) and Nanjing Zhenbang Investment Development Co., Ltd. (Nanjing Zhenbang) to Nanjing First Pesticide Group Co., Ltd. As a result, Jiangsu Zhenbang and Nanjing Zhenbang’s fertilizer and agricultural materials business were no more included in the report.
According to Nanjing Redsun, in H1 2016, under the influence of production capacity surplus, insufficient market demand and fierce competition, prices of pesticides remained at a low level and therefore the prices of the company’s main products hit a historic low record and maintained a bottom level, which brought pressure to the company to some extent.
Table : Revenue and gross margin of main business of Nanjing Redsun, H1 2016
|
Item
|
Revenue,
million USD
|
YoY change
|
Gross margin
|
YoY change,
percentage points
|
|
|
By product
|
Fertilizer
|
/
|
/
|
/
|
/
|
|
Pesticide
|
326.7
|
3.89%
|
14.0%
|
-4.3
|
|
|
Agricultural inputs
|
/
|
/
|
/
|
/
|
|
|
Others
|
/
|
/
|
/
|
/
|
|
|
By region
|
Jiangsu Province
|
117.4
|
-30.9%
|
26.7%
|
1.9
|
|
Fujian Province
|
0.76
|
23.8%
|
10.8%
|
-1.1
|
|
|
Guangxi
|
4.53
|
-27.3%
|
12.0%
|
-1.4
|
|
|
Anhui Province
|
31.4
|
-40.2%
|
8.5%
|
5.3
|
|
|
Hubei Province
|
6.9
|
-40.2%
|
1.7%
|
-13.7
|
|
|
Shaanxi Province
|
4.5
|
338.8%
|
11.2%
|
-1.8
|
|
|
Others in China
|
69.7
|
-1.2%
|
7.9%
|
-0.28
|
|
|
Overseas
|
91.6
|
-46.8%
|
5.3%
|
-0.55
|
|
Source: Nanjing Redsun
Source: Think Real
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