China’s Nanjing Red Sun Group 2011 net profit surges on fert sales

29 February 2012 10:30  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Nanjing Red Sun Group on Wednesday posted an eight-fold increase in its 2011 net profit to yuan (CNY) 68.7m ($10.9m) due to a strong performance from its fertilizer and pesticide sectors.

Sales from its fertilizer sector, including urea, compound fertilizer and other products, rose by 55.0% year on year to CNY4.46bn in 2011, Nanjing Red Sun Group said in a filing to the Shenzhen Stock Exchange.

Its sales from pesticides rose by 48.3% year on year to CNY1.28bn, according to the filing.

The company’s 2011 sales revenue increased by 52.0% year on year to CNY5.79bn.

Nanjing Red Sun Group, which is based in Nanjing in Jiangsu province, deals mainly with fertilizer and pesticide.

($1 = CNY6.30)

By: Rachel Yang

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