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PVS - Impressive performance by M&C and Seismic Survey - Earnings Flash

PVS released H1 results in which revenue declined 15.3% to VND7.7 trillion (USD339 million) and NPAT dropped 17.1% to VND573 billion (USD25.2 million). Lower earnings are mainly attributed to 1/ lower income from associates and JV companies (PV Shipyard recognized a final loss) and 2/ a slump in non-operating profit. On a core basis, gross profit and NPAT-MI completed 93.6% and 78.4% of our 2017F forecast, respectively, mainly due to better-than-expected performance