AgroPages-Nihon Nohyaku’s sales slipped by 14% in H1 FY 2015-16-Agricultural news

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Nihon Nohyaku reported sales down 14.2% to 29,996 million yen in the first-half year ended March 31, 2016. Operating income declined by 49.7% to 5,011 million yen.

The revenue was contributed by the company’s agrochemicals, chemicals and other products segments. Sales of agrochemicals accounted for 80.7% of the total revenue. Domestic sales slipped by 1.1% to 13,621 million yen, which accounting for 45.4% of the company’s total sales, due to low pest pressures during autumn and winter period of last year. The company’s horticultural insecticide, Hati-Hati (tolfenpyrad), achieved strong sales performance in domestic market.

Overseas sales decreased by 13.8% to 10,599 million yen, accounting for 35.3% of total revenue. Asia was the company’s largest market abroad, with sales accounted for 47.6% of total overseas sales. Sales of the company’s horticultural insecticide, Phoenix (flubendiamide) were lower than the same period of last year due to sales delay in China. Sales results of Hyderabad Chemicals, the Indian company acquired by Nihon Nohyaku in 2014, were included in the company’s consolidated results. Sales of America region took up 39% of total sales, followed by Europe (9.6%) and other regions (3.8%).

Nihon Nohyaku forecasts a 1% increase in total sales to 57,500 million yen for the full year ended September 30, 2016. It estimates that operating income of the full year down by 42.7% to 5,700 million yen.