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Origin Agritech Targets Normal Corn Supply Levels for 2010

15 January 2010

CHINA - A leading supplier of hybrid and genetically-modified crops (GM) in China has targeted reaching normal supply levels for rice and corn seeds in the 2010 financial year.

CHINA - Origin Agritech Targets Normal Corn Supply Levels for 2010
Origin Agritech Limited's financial results for the 12 months to the end of September 2009 reveal that hybrid corn seed revenues rose to RMB411.4 million (£37 million).

Gross margins for corn seed crop sales also increased to 40.6 per cent for the period, compared to 35.58 per cent in the year to September 30th 2008.

Corn seed was the most active factor in China's increasing yield gains, data from the firm indicates, accounting for over 35.5 per cent of the total contribution.

China's ministry of agriculture awarded a Bio-Safety Certificate to Origin, approving commercial use of the world's first GM phytase corn - the first GM corn seed product in China.

To achieve its 2010 targets, Origin will also be pursuing approvals for glyphosate resistant corn and Bt Corn varieties.

Commenting on the results, president and chief executive of the hybrid seed supplier Lian Yuan said: "Origin’s financials for the fiscal 2009 period ended September 30, 2009 showed revenue growth, margin improvement, and bottom line increases from the fiscal year ended September 30, 2008.

"We expect these trends to continue into FY 2010."

Last month, the firm announced an increase in its stake in the Jilin Changrong seed company.

TheCropSite News Desk

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