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KDC - Earnings slump on lower non-recurring profits - Earnings Flash

Consolidation of two cooking oil subsidiaries fueled a 2.5x increase in 9M 2017 revenue. KDC’s 9M 2017 revenue reached VND5.1 trillion (USD224 million), surging 251% vs 9M 2016 thanks to the consolidation of Tuong An Cooking Oil (TAC) since December 2016 and Vocarimex (VOC) since June 2017. We estimate that these two subsidiaries accounted for 75% of KDC’s consolidated revenue in 9M 2017.