SINOFERT HOLDINGS Limited on March 24 reported that it had returned to the black in the 12 months ended December 31, 2010, after posting a loss in 2009. The company and its subsidiaries made a profit attributable to shareholders of RMB 536 million ($81.5 million) in 2010 compared to a loss of RMB 1.44 billion in the previous year. Turnover rose 8.37% to RMB 29.27 billion, from RMB 27.01 billion, while total sales volume increased 1.8% year-on- year, reaching 15.51 million mt, up from 15.23 million mt. The loss posted in 2009 marked the first in a decade for Sinofert, and was primarily due to the losses derived from the sale of high-cost potash inventories imported by the group in 2008 and the write-down of inventories.
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