TLG reported weak Q1 2020 results with a net loss of VND20bn (USD866,700), which was mainly due to the prolonged closure of schools nationwide from Tet Holiday (end of January) due to the COVID-19 pandemic. The weak earnings result in Q1 2020 was a combination of (1) a 19% YoY drop in revenue to VND468bn (USD20.4mn), (2) gross margin falling to 28.9% vs 33.3% in Q1 2019 — despite a lower input plastic price environment — and (3) the SG&A/sales ratio expanding to 35.3% vs 26.2% in Q1 2019.