China Blue Chemical Ltd, the fertilizer unit of the nation's third-largest oil company, said 2007 profit fell 12 percent after income the previous year was inflated by a one-time gain.

Net income dropped to 1.45 billion yuan (US$207 million), or 0.31 yuan a share, from 1.65 billion yuan, or 0.48 yuan, the Hainan-based company said in a statement to Hong Kong's stock exchange.

(Shanghai Daily April 1, 2008)