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ACV - International arrivals prop up passenger traffic growth - Earnings Flash

ACV’s consolidated Q1 2018 reported revenue was up 10% YoY to VND3.9tn (USD170mn), while NPAT-MI spiked 86% YoY to VND975bn (USD43mn) as the airport operator’s gross margin surged to 51% from 36% in Q1 2017, mostly on lower depreciation and maintenance costs. Higher passenger and security fees implemented in Q4 2017 also likely boosted profits.