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PLC - NON-RATED - Infrastructure spending fuels growth for asphalt producer - Update

PLC is a leading producer of automobile lubricants and asphalt in Vietnam. FY14 NPAT soared by 41% thanks to a 40% increase in revenue and gross margin expansion in the asphalt business despite a 10% decline in revenue in the lubricant business due to losing a big contract. The lubricant business is expected to recover due to lower input costs, which are linked to oil, and a 50% increase in capacity while the asphalt business will stay strong with infrastructure investment ramping up.