Analyst Pin-board: PXS –1Q2019 Result and 2019 Forecast
2018 was a difficult year for PXS with revenue down 72.1% YoY to VND233 bn due to less workload. Contributions came mainly from Thai Binh 2 thermal power plant, Song Hau 1 thermal power plant and Topside of Ca Tam WHP, which cannot cover the depreciation, labor as well as material costs. PXS also recorded VND66bn provision in inventories related to Thai Binh 2 and Song Hau 1 project. The result is the company made a VND 85 bn loss in 2018 vs. VND 79 bn gross profit in 2017 or a net loss of VND139 bn for whole 2018.
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