PVT’s Q1 2019 revenue increased 4.5% to VND1.9tn (USD80mn), while reported NPAT-MI rose 15.2% to VND147bn (USD6mn). This strong profit growth was mainly driven by the solid performance of the transportation segment thanks to the contribution of new tankers and a small contribution from Nghi Son refinery. Q1 revenue and reported NPAT-MI completed 22.2% and 24.4% of our respective full year forecasts and were in line with our expectation. Hence, we do not foresee material changes to our earnings