Fabchem China posted a 28.5% fall in 2Q13 net profit to RMB 11.39 million ($2.2 million) from RMB 15.93 million from a year ago (2Q12) mainly due to the lower selling price of ammonium nitrate.
Fabchem is the leading manufacturer of initiation systems and the largest boosters and detonating cords producer within a highly regulated industry in China.
Revenue rose 12.6% to RMB 148.55 million due to higher sales in the group’s product groups of explosive devices, industrial fuse and initiating explosive devices and industrial detonators.
During 2Q2013, sales within China decreased marginally by 5.4% as compared to 2Q2012. The decrease was mainly due to the lower sales of ammonium nitrate in China by 30.3%, although this was partially offset by the increase in sales across all other product segments.
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