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People & Business :: Earnings/Finance
Sinofert earnings down on weak fertilizer market
1:47 PM MDT | March 27, 2014 | Lindsay Frost
Sinofert Holdings, China’s largest fertilizer producer and distributor, today reported lower figures on overcapacity problems of fertilizer industry and a sluggish market. Sales dropped 16% year-on-year (YOY), to 34.72 billion renminbi. Gross profit also fell 46% YOY, to RMB1.3 billion. The company also recorded a loss of RMB125 million in 2013 due to lower fertilizer selling prices and increased logistics costs. The company says it successfully concluded the potash supply agreement for the first half of 2014 at competitive prices. Looking ahead, "in...
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