DPM’s net revenue stayed relatively flat while NPAT-MI dropped 39.1% in 2017 vs 2016. The net profit drop was due to 1) strong rises in input gas costs and the price of fuel oil, which outweighed a urea price recovery and 2) lower urea sales volume due to 30 days of periodic maintenance. NPAT met 91% of our full-year forecast, therefore, these results trailed our expectation mainly due to high G&A expenses arising from new NPK/NH3 plants. Given the positive movement of the global urea price