China BlueChemical Announces 2009 Interim Results      

China BlueChemical Ltd. (HK: 3983) posted revenue was RMB2 828.1 million for the first half of 2009. Net profit was RMB527.0 million.
   Affected by the global financial turmoil, dwindled market demand for fertilizer and chemicals, the company results saw decline in sales volume and sales price, resulting decrease in income and profit for H1.
   China BlueChemical produced 214 642 tons of phosphate fertilizer and offered 187 330 tons of phosphate fertilizer in H1 2009, recording historic high, driven by the acquisitions of DYK Chemical and ZHJ Mining. The average utilization rate of the phosphate fertilizers facilities reached 85.9%, generating revenue of RMB521.9 million.
   In parallel, the company manufactured and sold urea of 940 775 tons and 935 756 tons respectively, with 102.3% of average utilization rate for its three urea facilities. The sales from urea were RMB1 628.9 million for H1 2009, a decrease of RMB43.2 million from RMB1 672.1 million in H1 2008, which was primarily attributable to decrease in selling price of urea and an annual decrease of 47 767 tons in sales volume.
   Also, China BlueChemical made and marketed methanol of 394 695 tons and 379 768 tons respectively. Sales revenue from methanol was RMB531.1 million, a year-on-year decrease of RMB374.0 million due to a drop in sales volume.
   The company acquired Shanxi Hualu Yangpoquan Coal Mining Co., Ltd and Shanxi Hualu Coal Chemical Ltd. this July, which will enable it to have a long-term supply of coal resources, and expand urea capacity as well as raise competitiveness.