The board of directors of Sinofert Holdings Ltd. announced that based on a preliminary review of the unaudited consolidated management accounts of the Group, the Group is expected to record a loss for its interim results for the six months ended 30 June 2016, representing a decline as compared to the interim results of the Group for the six months ended 30 June 2015. The expected loss for the period is mainly attributable to the decline in the price of agricultural products, which resulted in the decrease in demand for fertilizer products and intensified the supply and demand imbalances in the fertilizer market in China, leading to the continuous decline in sales price of fertilizer products of the Group; and China's resumption of the levy of value-added tax on fertilizer products, which reduced the overall profit margin of the fertilizer industry.