FRT announced Q4 2019 results in which revenue dipped 2% YoY to VND4.2tn (USD181mn) while the company recorded a net loss of VND20bn (USD0.9mn) vs NPAT-MI of VND120bn (USD5.2mn) in Q4 2018. For full-year 2019, FRT delivered revenue of VND16.6tn (USD717mn, +9% YoY) while NPAT-MI plunged 41% YoY to VND214bn (USD9.2mn). FRT’s 2019 revenue and NPAT-MI missed our forecasts by 3% and 31%, respectively.