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PVT - Crude, floating oil storage deliver expected strong growth - Earnings Flash

PVT announced very positive 2018 results, with revenue increasing by 25.1%YoY and NPAT-MI surging 104.8% YoY. Stellar results were due to 1) Good crude transportation performance as there was no more Dung Quat refinery (BSR) maintenance in H1 2018; 2) A robust floating oil storage (FSO) segment thanks to an FSO Dai Hung day rate hike and 3) Non-operating profit from liquidating the crude tanker Hercules of VND78bn (USD3.4mn). Reported and recurring H1 NPAT-MI fulfilled 58.1% and 46.9%