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DPM - Rising fuel oil price dampens profit - Earnings Flash

DPM’s net revenue increased mildly by 3.5% while NPAT-MI dropped 40.2% in 9M 2017 vs 9M 2016. The drop in the bottom line was mainly due to a strong rises of input gas cost along with the fuel oil price, which more than offset a 3.0% recovery in urea price. The bottom line achieved only 72.3% of our full-year forecast. We previously anticipated 9M earnings to complete ~80% of our forecast since Q4 should be weak due to a one-month maintenance.