The month May is the end of the 1st fiscal quarter of the year 2019 to ADAMA. In Q1, the company made sales of USD1.0 billion, down by 1.6% year on year, and net profit of USD80.0 million, down by 4.5% year on year.
“This quarter saw the toughness of our performance,” said Chen Lichtenstein, President and CEO of ADAMA, “We overcame many challenges in the industry, such as the harsh climate conditions and the continued tight supplies in both North America and Australia. Thanks to the joint efforts made by our Chinese and global operations teams, the old factory of Jingzhou base (in Jingzhou City, Hubei Province) quickly restored production. The impact caused by the production suspension on the future supply was reduced.”
Old factory of Jingzhou base is under production resumption
Since it was connected with the new factory by pipes (which was the connection of advanced sewage treatment facility), the old factory is gradually resuming the production. However, ADAMA failed to supply sufficient products and a total of about USD11 million cost of sales was generated, impacted by the production suspension. The impact, to a certain extent, would continue till Q2 2019. It may decrease when the old factory increases the output
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