DXG announced its Q1 2025 results with revenue of VND925bn (USD36mn; -13% YoY) and NPAT-MI of VND48bn (USD1.9mn; +55% YoY). We attribute Q1 2025 earnings growth mainly to the handovers of unbilled backlog at Gem Sky World (GSW; ~4,000 low-rise units; ~60%