Fertilizer maker Migao posts loss on weak demand

Thu Nov 15, 2012 7:18am EST
 
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Nov 15 (Reuters) - Chinese fertilizer maker Migao Corp reported a second-quarter loss due to weaker demand for its products and lower selling prices.

Toronto-listed Migao posted second-quarter net loss of C$8.1 million, or 15 Canadian cents per share, compared with a profit of C$6 million, or 11 Canadian cents per share, a year earlier.

Sales plunged 82 percent to C$11.7 million.

The company warned last month that weaker demand for fertilizer in China during the summer would weigh on its results.