Beihai Gofar Marine Biological Pesticides shut down

Chinese biopesticide company Beihai Gofar Marine Biological Public Co., Ltd announced its subsidiary company Beihai Gofar Marine Biological Pesticides would shut down since November 21, 2012 as the higher production cost of biological pesticide, the increase of pest resistance and the low acceptability of famers with traditional farming concept.

It claimed that the company had been in a loss for three years from 2009. For the nine month ended in Sep. 30th 2012, the company’s operating income reached Yuan 4.61 million and net profit was Yuan -3.07 million.

Beihai Gofar Marine Biological Public Co., Ltd owned 100% stakes in the latter. Based on the independent innovation, the company has developed a series of new products: oligosaccharides (OS), seaweed extract, oligo-alginic acids (OAS) that have fine biological activity through biotechnology and fine chemical engineering.

Beihai Gofar Marine Biological noted that the shutdown wouldn’t affect its performance in future exclude the net profit. In order to minimize the loss, the company will actively seek investors to disposal of the assets.