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QNS - Hammered sugar prices dragged earnings - Earnings Flash

QNS’s revenue inched up 7% while NPAT plunged 28% in FY17 vs FY16. Soymilk revenue growth accelerated to 12% YoY in Q4 2017 compared to 4% YoY in 9M 2017 partly thanks to intensified advertising and promotion (A&P) activities. On the other hand, despite a substantial increase in revenue, the sugar segment made a before-tax loss of VND128 billion (USD6 million, 10% of QNS’s 2017 total PBT) compared to PBT of VND221 billion (USD10 million) in FY16.