Lier Chemical sales up 38% in H1 2012

Lier Chemical recently announced its performance report of the first half-year of 2012 ended June 30th which reveals gross revenue of Yuan 605.69 million, 38.25% up year on year. The total profit of the company was up 8.32% reaching Yuan 68.69 million; net profit attributable to shareholder of listed companies reached Yuan 44.81 million, which is 6.31% down compared with the same period of last year.

Among the above, the income from chemical pesticide which is the main business of the company reached Yuan 603.07 million, 37.9% up; income from pesticide technical reached Yuan 417.91 million, up by 51.29%, accounting for 69.30% of chemical pesticide income; pesticide formulation and miscellaneous incomes reached Yuan 185.16 million, 14.94% up. Regional sales showed 37% of domestic sales, being 15.78% up while international sales reached Yuan 378.88 million, being 55.47% up.

The company estimates a net profit of Yuan 52.71 million up to 70.28 million attributable to shareholder of listed companies from January to September 2012, which ranges between -10% and 20% as compared with the net profit of Yuan 58.57 million attributable to shareholder of listed companies from January to September 2011.

The company states that one of the reasons for the performance variations lies on the increased market demand for the main product of the company, which has been renovated to improve production efficiency and to increase product supply, resulting in a significant increase of sales year on year; additionally the accounting consolidation with the jointly controlled subsidiary – Jiangsu Kuaida has greatly increased non-operating income, which led to a higher net profit in last year.