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• Revenue: +6.9% (2Q09), +3.4% (1H09)
• Net Profit: -74.9% (2Q09), -59.8% (1H09)
• Outlook: 2009 will appear to be a difficult year for urea producers in the PRC due to domestic oversupply conditions, led by over capacity and decline in urea exports.
• Such oversupply might continue into 2010.
• Many urea producers are now facing losses with many reducing their production utilization or even shutting down.
• Although the Group is exposed to the industry risks, the Directors remain confident in the Group’s long term prospects due to its cost efficiency and ability to maintain to maintain almost 100% production and sales utilisation.
• The Group have also managed to ramp up the cost efficiency in the third urea plant faster than expected.
• Based on July 2009 figures, the cost efficiency of the third plant has already exceeded that of the second plant.
• Whilst the Company cannot control the macro environment, it remains focused on improving its cost efficiency and is confident of weathering the current difficult business climate.

FINANCIAL RECORDS

Revenue (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2009 480,329 545,049
2008 482,299 509,667 628,523 464,453 2,084,943
2007 313,803 421,482 400,139 405,998 1,541,422
2006 97,288 168,352 326,024 298,511 890,175
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Earnings (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2009 59,106 22,960
2008 112,701 91,424 96,602 45,672 346,399
2007 79,140 85,615 79,555 72,868 317,177
2006 8,413 45,458 34,044 41,168 129,084
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.016 NA
2007 NA 0.014 NA
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Bonus / Rights / Stock Split

Date Type Details
NA
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Share Data (RMB)

NAV = $1.44
EPS = $0.0821 (6M FY09)
No of Shares = 1,000,000,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA