LAHORE: Fauji Fertilizer Company (FFC) has announced its half yearly results amid unprecedented adverse market conditions. The urea industry remained under severe pressure during the period. This was mainly attributed to poor farm economics and persisting rumours of urea subsidy that negatively impacted its sales. Thus the urea market witnessed a substantial decline of around 36% in sales, which was the lowest half yearly off-take in more than a decade. In spite of volatile market conditions, FFC recorded net earnings of Rs 4.89 billion for the period ended June 30, 2016, in spite of levy of 3% super tax and absorption of part of fertilizer subsidy announced by the government. Although the core business of the company witnessed significant decline due to factors highlighted above, however, the deficit has been bridged by highest ever dividend of Rs 2.27 billion received through associated companies. The company earned Rs 3.85 per share, while declaring a divided of Rs 1.55 per share. The company created a new benchmark during the period in terms of highest ever urea production of 1.25 million tonnes with lowest shutdown periods, which reflects operational excellence of our engineers and the management. FFC also achieved 12.6 million man-hours of safe operations without any work injury. The rising inventory and high cost of production continue to pose substantial risk to the company’s profitability however, the management was committed to mitigate the negative impact of the current business environment through various strategies.