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PVS - 9M declines in line with forecast but FPSO Lam Son risk looms - Earnings Flash

PVS’s 9M 2017 revenue and NPAT-MI dropped 21.7% and 17.2% vs 9M 2016, respectively. The earnings decline was due to 1/ heightened expenses for bad debt provisioning, 2/ a lack of contribution from the Lam Son Floating production, storage & offloading (FPSO) in Q3 and 3/ lower non-operating profit from Mechanics & Construction (M&C) provision reversals. Gross profit and NPAT-MI fulfilled 90.9% and 81.9% of our full-year forecast, respectively.