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HVN - Solid quarter despite surge in oil prices - Earnings Flash

HVN’s consolidated Q1 2018 revenue and NPAT-MI grew 17% YoY and 42% YoY, respectively, to VND24.4tn (USD1.1bn) and VND1tn (USD46mn). In Q1 2018, HVN’s parent company revenue and NPAT grew 13% YoY and 27% YoY, respectively, to VND18tn (USD793mn) and VND712bn (USD31mn). The results were mainly driven by (1) solid growth from its Transportation segment, (2) partial pass-through of higher fuel prices, (3) increasing economies of scale and (4) a stable USD/VND.