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BSR - Nghi Son test run pressures BSR earnings - Earnings Flash

BSR announced its 9M 2018 results in which revenue grew 51.8% YoY to VND82.7tn (USD3.6bn) while reported and recurring NPAT-MI declined 15.2% YoY to VND4.6tn (USD204mn) and 8.7% YoY to VND4.9tn (USD217mn), respectively. 51.8% YoY growth in the top line could not compensate for a decline in product spreads due to regional market normalization and a new entrant, Nghi Son Refinery (NSR).