Origin Agritech, which is engaged in research and development, production and sales and marketing of crop seeds throughout China, last month reported weaker than expected third-quarter financial results due to a slow uptake for genetically modified seeds in China.
Origin Agritech reported an 86% decline in third-quarter profit. The company posted a profit of $0.09 per share for the third quarter ended June 30, 2011. Its revenue for third quarter came in at $37.4 million. Analysts were expecting the crop seed company to report earnings of $0.75 per share on revenue of $75.87 million.
The weaker-than-expected third-quarter financial results also prompted the company to slash its revenue outlook for the full year to RMB530 million to RMB550 million from RMB600 million to RMB650 million.
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