In light of the H1 2015 report of Jiangsu Lanfeng Biochemical Co., Ltd. (Jiangsu Lanfeng), the company got a revenue of USD94.0 million, which declined by 15.8% year on year; its net profit was –USD1.5 million in the period while it profited in the same period last year.
The main reason behind the loss of Jiangsu Lanfeng in the first half of 2015 was the suspended production of its subsidiary, namely Ningxia Lanfeng Fine Chemicals Co., Ltd. (Ningxia Lanfeng). Therefore, some products can not be normally supplied to the market; plus the decreasing market demand for its main products and the intensified market competition, Jiangsu Lanfeng suffered decreases in both its revenue and net profit. The semi-report shows that in H1 2015, Ningxia Lanfeng suffered a net loss of USD4.7 million, affecting Jiangsu Lanfeng’s overall performance in the period. In detail, Jiangsu Lanfeng got a revenue of USD52.9 million from its pesticide business, which declined by 26.6% year on year; those from insecticides and fungicides fell obviously, by 58.4% and 22.5% respectively.
Table 11: Jiangsu Lanfeng’s financial performance, H1 2015
Revenue, million USD
Cost of sales, million USD
Net profit, million USD
Distribution expenses, million USD
Administrative expenses, million USD
Financial expenses, million USD
R&D investment, million USD
Total assets, million USD
Debts, million USD
Source: Jiangsu Lanfeng
NOTES TO EDITORS
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