VJC’s 2018 unaudited results were below our forecast, with consolidated revenue up 24% YoY to VND52tn (USD2.3bn; 95% of our forecast) and consolidated NPAT-MI up 2.8% YoY to VND5.2tn (USD226mn; 92% of our forecast). VJC’s core airline results (excluding gains from aircraft sale and leaseback/SALB transactions) were in line with our forecast, with core revenue up 49% YoY to VND34tn (USD1.4bn; 101% of our forecast) and core NPAT up 32% YoY to VND2.4tn (USD105mn; 100% of our forecast).