GMD released its Q1 2020 results in which revenue was down 4.4% YoY to VD601bn (USD26mn) and reported NPAT-MI fell 4.9% YoY to VND114bn (USD4.9mn). In Q1 2020, GMD’s port revenue was down 10% YoY (2019: +3.4% YoY) and the segment’s GPM contracted to 38.7% vs 40.5% in Q1 2019. We attribute this decline in revenue and GPM to the COVID-19 pandemic disrupting manufacturing activities in China in Q1 2020. According to a daily vessel schedule provided by the Hai Phong Port Authority, 50% of total