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Huaxing Chemicals sales leap in first half
Aug. 14, 2008
Chinese agrochemical company Huaxing Chemical (Anhui) more than doubled its pesticide sales to Yuan 921million ($134.2 million at current prices) in the first half of 2008. That showed growth of 157.3% over the same period last year, according to the Chinese financial newspaper, the National Business Daily.
The company’s strong results in the first half of the year are linked to the expansion of its production of the herbicide, glyphosate, and the rise in its sale price, the newspaper reports. Glyphosate accounted for Yuan 751 million ($109.5 million), or 81.3% of sales. Operating profits for the period were Yuan 228 million ($33.2 million), more than five times higher than last year.
The average price of glyphosate in the first half of 2008 was Yuan 82,100 ($11,969)/tonne, compared with Yuan 33,600 ($4,898) in the same period last year, and Yuan 46,700 ($6,808) in the whole of 2007. The company also cited a reduced tax rate of 25%, down from 33%, as a factor contributing to increased first half profits, says the newspaper.
Source: National Business Daily
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