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CII - Low Q3 earnings, as expected, due to lack of large financial gains - Earnings Flash

CII announced a VND66 billion (USD2.9 million) consolidated net loss vs Q3 2016 NPAT-MI of VND600 billion (USD26.3 million). This met our projection as Q3 had no large financial gains and higher G&A expense due to increasing amortization of goodwill. Accordingly, 9M 2017 consolidated NPAT-MI reached VND1.5 trillion (USD66 million), +97% vs 9M 2016, mostly due to H1 2017 non-cash financial gains on re-measurement to fair value of previously held investments in CII Bridges & Roads (LGC)