PLX’s Q1 2019 revenue declined 7.6% YoY while reported NPAT-MI rose 33.7%. We attribute this lower revenue to gasoline and diesel price decreases of 10.1% and 2.4%, respectively, despite growth of 4.7% in total sales volume. Meanwhile, robust NPAT-MI growth was mainly driven by an inventory provision write-back of VND550bn (USD24mn) that PLX booked as of December 31, 2018. If excluding this write-back, NPAT-MI growth would have been flat.