The Dow Jones Industrial Index fell below 10,000 for the first time in three months on Monday. Discussion of the manner in which excessive borrowing has and could continue to affect the recovery and in the United States position against China were plentiful. Reports in the New York Times suggested China’s policy of minimal borrowing and recent progress repaying the minor debts they have will put them in an advantageous position in the coming months and years, particularly against the United States. Support in favor of these claims came in the form of China Agritech Inc. announcement of its 2009 financial results on Monday. The numbers exceeded even the company’s own expectations and sent stock of the fertilizer maker soaring in hours that followed.
The company’s net income gained approximately $15.7 million last year, up an impressive 82 percent from 2008’s audited profit of $8.6 million. In November, Agritech predicted its net income for the year would be $15.6 million.
Revenue corresponded to the massive gains, reaching $75 million in 2009, up 66 percent from $45.2 million the year before.
China Agritech, which produces and supplies liquid and granular fertilizers, anticipates a 2010 revenue of roughly $114 million or 52 percent growth.
Following this announcement, shares of China Agritech tacked on $1.19, or 7.7 percent, to reach $16.80.
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