Red Sun’s total sales drop 34% but pesticide sales rise 4% in H1 2016
Date:08-04-2016
Chinese agrochemical company Nanjing Red Sun announced in its recently released half-yearly financial report for 2016 that it had recorded total sales of 2.174 billion yuan, a 34.37% drop compared to the same period last year. Pesticide sales increased 3.89% to 2.165 billion yuan in the same period. Operating profits in the period declined drastically by 67.39% to reach 57.26 million yuan.
The drop in total sales is largely attributable to the stock transfer of Jiangsu Zhengbang Agrosciences Co., Ltd, and Nanjing Zhengbang Investment and Development Co., Ltd, from Red Sun to Nanjing First Pesticide Group in May 2015. Sales from fertilizers and big agricultural materials business will no longer be included in Red Sun’s financial reports.
The report noted that in the first half of 2016, Red Sun continued to support the development and industrialization of products such as VB3, Glufosinate-ammonium, and chloropyridines, while accelerating its market exploration for a paraquat water-soluble gel and the “Country Cloud Business.”
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