KDH posted modest H1 2018 results as net revenue plunged 53% YoY to VND929bn (USD40mn) mostly due to handover timing related to revenue recognition. NPAT-MI moved sideways at VND236bn (USD10mn) mainly thanks to a larger financial gain on higher income and investment sales in H1 2018. Without the latter, NPAT-MI would have been down by 30% YoY, more in line with revenue growth.