Changjiang Fertilizer Holdings, the coal-based fertiliser producer based in Hunan Province, China, says earnings surged 158.5% to RMB46.3 million ($8.73 million) for the first quarter ended 31 March 2011 (1QFY11) from RMB17.9 million in 1QFY10.
Compared with 1QFY10, revenue jumped 112.5% to RMB168.0 million, mainly driven by the steady increase in sales of all Changjiang’s products, particularly nitrogenous fertiliser which recorded a significant growth of 131% in revenue.
Following the increasing demand and inflation in China during the year, the average selling prices of all products have risen between 7.2% and 20.1%.
Coupled with the significant contribution from the new subsidiaries, the group recorded higher sales volume for all products during the quarter under review.
As at 31 December 2011, the group maintains a healthy balance sheet with healthy operating cash flows, representing a net asset value of 126.99 RMB cents per ordinary share.
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