KBC’s posted its Q3 2019 results with revenue up 39% YoY to VND917bn (USD39mn) and NPAT-MI down 50% YoY to VND110bn (USD4.7mn). The divergence between revenue and NPAT-MI growth was mainly due to a 23-ppt drop in GPM to 40% in Q3 2019 vs 63% in Q3 2018. Per management, this drop was primarily due to the Tan Phu Trung (TPT) IP in Cu Chi District, HCMC as KBC has revised up the costs for this IP that contributed 16% to total IP revenue in Q3 2019.