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VIC - Lower-margin handovers keeps earnings flat - Earnings Flash

VIC posted Q1 2018 results with net revenue of VND29.1tn (USD1.3bn, +84% YoY) and NPAT-MI of VND941bn (USD40mn, +3% vs Q1 2017). The sideways move in earnings was largely due to a greater number of lower-margin apartment deliveries.