China pesticide industry: Unceasing decline for the first half of 2010

It is learned from SZSE (Shenzhen Stock Exchange) that the performance reports of the five Chinese agrochemical listed companies have shown decrease in varying degrees. The continuing downtrend for the first half of the year made a widespread shrink on profit among China pesticide industry, reports Agropages.

Hubei Sanoda, a leading glyphosate producer, forecasted a net profit of 8.8-22 million Yuan by the first half of the year, down by 50-80% compared on the previous year. Lier Chemical, announced to acquire the Kuaida in June (Agronews 2010-06-09), also recorded a 35.95% fall in net profit of 41.44 million Yuan. Anhui Huaxing Chemical, heavily affected by the glyphosate products, has even stunned the industry by a 90% drop in net profit. Jiangsu Changqing Agrochemical, increased 11.25% in operating income, but declined 10.08% in operating profit, resulted a 5.63% drop in net profit. While Noposion Corp. estimates that its net profit will decline 20%.

Industry insides, repeated natural disaster, up raw material cost, together with suppressed demand have impact the sales of pesticides, which caused a pervasive decline among the domestic pesticide industry.

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