Thursday, November 12th, 2009
Hanfeng first quarter net profit falls to $6.1 million from $8.2 million
TORONTO - Hanfeng Evergreen Inc. (TSX:HF), a Toronto company which is the largest producer of slow and controlled release fertilizers in China, reports its net profits in the latest quarter fell to $6.1 million from $8.2 million.
Sales declined to $55.1 million from $68.1 million, while earnings per share declined to 10 cents from 13 cents, Hanfeng said Thursday.
The company changed its year end to June 30 so the latest results are for the fiscal 2010 first quarter ended Sept. 30, but they are compared with the July-September period in 2008, which at the time was Hanfeng's third quarter.
In its earnings report, Hanfeng said it was affected by lower selling prices and reduced production of fertilizer in the most recent quarter.
Hanfeng was the first company to introduce the concept of slow and controlled release fertilizers into China's agriculture market and the company has plants in the key agricultural regions of that country.
The company released its financial results after the close of stock trading Thursday.
In earlier trading on the Toronto Stock Exchange, Hanfeng shares fell 12 cents to close of $6.13, a drop of 1.9 per cent.
