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GTN - Heavy A&P spending hurts dairy earnings - Earnings Flash

GTN delivered a lackluster quarter with Q3 2018 NPAT-MI of VND1bn (USD48,000), -67% YoY, while 9M 2018 NPAT-MI reached VND26bn (USD1.1mn), +23% YoY. While 9M 2018 NPAT-MI growth looks encouraging, it was mainly driven by GTN’s increased ownership in its dairy subsidiary, Moc Chau Milk (MCM), and, to a smaller extent, a scale-down in the loss-making pig farming business.