KDH’s Q1 2018 results showed net revenue was down -36% YoY to VND411bn (USD18mn) and NPAT-MI was down -4% YoY to VND106bn (USD5mn). This was mostly due to timing delays related to revenue recognition and financial after-tax gains in Q1 2017, which created a higher base. Underlying NPAT-MI was up 23%, mainly because of higher ASP.