Strong Q3 boosts Jiangsu Yangnong
Chinese agrochemical company Jiangsu Yangnong Chemical recorded strong pesticide sales of Yuan 373.4 million ($58.6 million at the current rate) in the third quarter of 2011, shooting up 68.3% when compared with the same period last year. Net profit for the three months saw similar growth, up 70.3% to Yuan 23.5 million ($3.7 million). The company’s nine-month sales increased by 15% to Yuan 1,391.6 million ($218.5 million). However, net profit for the first three quarters fell by 15.2% to Yuan 110.4 million ($17.3 million). Jiangsu Yangnong Chemical’s first-half pesticide sales remained level with last year, increasing just 0.1% to Yuan 960.9 million ($150.9 million - Agrow No 624, p 5).