On 1 April 2020, Nufarm (ASX:NUF) completed the sale of its crop protection and seed treatment operations in Brazil, Argentina, Colombia and Chile to Sumitomo Chemical Company for $1.188 billion.
Revenues increased 7 per cent to $2.85 billion, however the increase is 3 per cent when zero margin sales made to Sumitomo under the transitional services agreement for procurement services to the South American businesses are excluded.
Underlying gross profit declined 4 per cent to $735 million with a decline in Europe and North America more than offsetting improvements in ANZ, Asia and Seed Technologies.
Shares in Nufarm (ASX:NUF) are trading 1.2 per cent higher at $4.21.