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PLX - Profit retreats from high 2016 base, as expected - Earnings Flash

PLX released 2017 results, in which revenue grew 26.4% and NPAT dropped 25.8%. Such strong revenue growth was mainly due to higher oil prices while the decline in the bottom line was due to the end of positive impact from low import tariffs on South Korean imported products. 2017 revenue and NPAT accounted for 105.3% and 94.5%, respectively, of our full-year forecast.