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KBC [MARKET PERFORM +6.3%] - Phuc Ninh residential project reinforced earnings - Earnings Flash

High NPAT before MI growth was in line with expectations; Ratings change. KBC released Q1 2017 earnings results with NPAT before minority interest (MI) reaching VND180.6 billion (USD8.0 million, +68.0% vs Q1 2016). Earnings results were broadly in line with management guidance and fulfilled 21.2% of full year target.