AgroPages-Glyphosate of Nantong Jiangshan Agrochemical sales up 24%-Agricultural news

Up until 30 June 2012, Nantong Jiangshan Agrochemical achieved business income of Yuan 1.47 billion in 1H 2012, being 12.74% up year on year. As a result of the resumed glyphosate export market, the company’s total profit exceeded Yuan 900 million, owing to the grown income and gross profit from majority of its products, as well as the increased profit of subsidiary companies.

The pesticide income of the company in 1H 2012 reached Yuan 842 million, being 12.6% up year on year, of which glyphosate reached Yuan 738 million with a growth of 24.11% accounting for 88% of pesticide income; DDV sales also grew by 11.05%.

The territory of trade reveals 10.65% and 15.88% sales growth respectively in domestic market and overseas market.

Table 1 Performance Results in 1H 2012 (Yuan)
Up until 30 June 2012		2012			2011			Change(%)
Operating profit		3,900,302.30			-34,608,020.51			N/A
Total profit		9,006,960.40			-22,155,831.41			N/A
Table 2 Pesticide Chemicals Income in 1H 2012 (Yuan)
Sector/Product	Business Income			Change (%)		Gross Profit (%)		Change (%)
Pesticide	842,117,575.56			12.60		6.14		5.46
DDV	63,119,972.35			11.05		1.04		-6.21
Glyphosate	737,999,168.38			24.11		5.14		7.00
Table 3 Territory of Trade in 1H 2012 (Yuan)
Market			Business Income				Change (%)
Domestic			800,293,561.28				10.65
Overseas			662,951,159.19				15.88
Source: Nantong Jiangshan Agrochemical Performance Report of 1H 2012.

The company states that in the first half year the company has experienced quite complicated business environment while the price of glyphosate which is one of the company’s major products rose again since last April as being influenced by market, policy and exchange rate situation; on the other hand as temperature this year was lower than previous year, pesticide market was initiated quite late which caused certain degree of impact to the sales of pesticide including DDV.