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PVT - Bottom line undermined by Dung Quat maintenance, fuel cost - Earnings Flash

PVT announced H1 2017 consolidated results. Revenue dropped 7.5% to VND3.0 trillion (USD133 million while NPAT-MI dropped 20.4% to VND152 billion (USD6.7 million). The earnings decline was due to Dung Quat’s 26-day maintenance and rising fuel oil cost. Revenue and NPAT-MI reached 45.3% and 41.8% of our respective full-year forecasts. H2 earnings are estimated to be better than H1, however, we plan to lower our earnings forecast by 3%-5% in our upcoming update report.