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NVL - Solid core business performance - Earnings Flash

NVL posted 2017 results with net revenue of VND11.6 trillion (USD510 million, up 58% YoY) and NPAT-MI of VND2.0 trillion (USD89 million, up 22% YoY). Core business growth was much higher with EBIT up 199% YoY, driven by stronger residential deliveries with higher margins, similar to what we have seen with other major developers. Overall, these results were broadly in line with our expectations.