DPM posted H1 2019 results in which net revenue declined 26.7% YoY and NPAT-MI dropped 79.7% YoY. Per our, the H1 revenue decline was due to 1) a ~40%-45%YoY drop in H1 urea sales volume and 2) lower NH3 sales volume as urea and NH3 plants have undergone maintenance for 72 days since mid-February, despite 3) a 9% increase in average urea price. Meanwhile, H1’s bottom line was further dampened by 1) a 12.5% rise in input gas cost and 2) possible higher material costs for the new NPK plant.