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PVS - Strong M&C offsets weakening in other segments - Earnings Flash

PVS posted Q1 2018 results with revenue and NPAT-MI staying relatively flat at VND3.3tn (USD147mn) and VND253bn (USD11mn), respectively. The flat earnings growth was due to a strong performance by the Mechanics & Construction (M&C) segment that was offset by other segments, including a 60% drop in profit from floating storage (FPSO) JVs due to day rate cuts at FPSO Lam Son and FSO Bien Dong.