IHS Chemical Week

People & Business :: Earnings/Finance

Sinofert posts lower profit; potash cartel collapse expected to benefit China

4:23 AM MDT | August 22, 2013 | Natasha Alperowicz

Sinofert Holdings, China’s largest fertilizer producer and distributor, reported a 35.5% lower profit in the first six months at 352.3 million Chinese renminbi ($57.5 million) hit by lower prices. Revenues were down 9% at Rmb20.6 billion while sales volumes were flat at 9.14 million m.t. Average selling prices were down 9.6%. Sales volumes of domestic fertilizers reached 6.94 million m.t., up 3% compared with the corresponding period of 2012, including a 29% increase in domestic potash and 6% rise in domestic nitrogen.   An industry glut and slowing...

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