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PVT - Floating storage segment drives strong earnings growth - Earnings Flash

PVT announced positive Q1 2018 results, with revenue going up by 7.9% and NPAT-MI rising by 18.9% to VND1.8tn (USD78.5mn) and VND127bn (USD5.6mn), respectively, thanks to 1) contribution from a new Operation & Maintenance (O&M) contract for floating storage (FPSO), Pride MV19, which was absent in Q1 2017 and 2) continued cost cutting. Q1 NPAT-MI fulfilled 26.4% of our full-year forecast and came in higher than our expectation, mostly owing to the FPSO segment.