Analyst Pin-board: PVT – Seem the worst is behind
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PVT announced its 1Q2020 results with VND1,578bn in revenue (-15.3% YoY) and VND67bn in NPATMI (-54% YoY). Here are the key points: + Total sales declined due to the trading segment while the core business – transportation, posted a slight growth of 1.4% to VND1,156bn. The oil & gas services segment increased by 15.3% to VND271bn. + The gross margin was down from 14.7% (1Q2019) to 14.3%. However, the gross margin plunged from 19.5% to 14.1% if excluding the trading sales. As a result, the gross profit dropped 17.9% YoY to VND226bn in 1Q2020. + Exchange rate losses of VND28bn as USD were larger. + G&A over revenue rose from 2.6% to 3%. |
+ More accrued expense (mainly for vessel maintenance) to be converted in 1Q2020 in our opinion.
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