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PLX - Profit margins below our expectation - Earnings Flash

PLX’s Q1 2018 revenue rose 27% YoY to VND45tn (USD2bn) thanks to an increase in petroleum prices driven by climbing global crude oil prices. However, operating profit decreased slightly by 3.4% vs Q1 2017. In addition, net financial expenses rose YoY (higher interest expenses, a small forex loss and lower financial income), leading to a 9.2% drop in NPAT-MI.