
NewsSinofertreported1H13netincomeofRmb352mn(-35%yoy),accountingfor42%/41%ofGSe/consensus,belowhistoricaltrendof61%.RevenueisRmb20,580mn(-9%yoy),accountingfor50%/49%ofGSe/consensus,inlinewithhistoricaltrend.Grossmargindeterioratedby1pp,from6.5%to5.5%.AnalysisRevenuewasdown9%yoy,mainlydrivenbysignificantdropinpotash(down19%yoy)onlowerASP(-13%yoy)andsalesvolume(-7%yoy).Withdomesticpo...