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Jiangsu Lanfeng loses USD1.5 million in H1 2015 because of subsidiary’s suspended production

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

Index

H1 2015

H1 2014

YoY change

Revenue, million USD

94.0

111.7

-15.8%

Cost of sales, million USD

97.0

111.4

-13.0%

Net profit, million USD

-1.5

0.4

-455.8%

Distribution expenses, million USD

4.3

3.7

15.0%

Administrative expenses, million USD

12.5

7.3

71.4%

Financial expenses, million USD

3.7

2.7

34.3%

R&D investment, million USD

1.8

2.3

-24.1%

-

Closing balance

Openning balance

YoY change

Total assets, million USD

439.6

426.9

3.0%

Debts, million USD

253.0

239.0

5.8%

Source: Jiangsu Lanfeng

 

-ENDS-

 

NOTES TO EDITORS

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