China XLX net profit falls 15% on flat revenue

CHINA XLX Fertilizer, a Henan-based fertiliser producer, has posted a net profit attributable to owners of 264.05 million yuan (S$54.8 million) for the financial year ended Dec 31, 2013, a 15.1 per cent decline from the previous year's 311.12 million yuan.

Revenue rose 0.6 per cent to 3.97 billion yuan, on the back of higher sale volumes of urea, methanol and compound fertiliser.

But revenue from sales of urea fell by about 241 million yuan, or 9.6 per cent, to 2.258 billion yuan, owing to a lower average selling price, which was offset by an increase in sales volume.