CTD announced that its Q2 2020 net revenue sank 31% YoY (VND4.0tn/USD172.7mn) while its NPAT-MI surged 28% YoY (VND158bn/USD6.9mn). The discrepancy between top and bottom-line growth was mainly driven by a strong gross margin expansion in Q2 2020 to 6.1% vs 3.2% in Q2 2019 and 5.5% in Q1 2020, which helped to offset CTD’s lower backlog progress. For H1 2020, CTD’s revenue fell 25% YoY (VND7.5tn/USD327.2mn) while its NPAT-MI declined 10% YoY (VND282bn/USD12.3mn). We will seek further details from