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TCM - AGM note

New Vinh Long plant phase 2 weighs on Q1 2016 performance: Management disclosed that revenue and NPAT for Q1 2016 reached USD37 million (+32% vs Q1 2015) and USD1.8 million (+14.5% vs Q1 2015), respectively. However, if we include the provision for the new garment sewing factory phase 2 at Vinh Long, Q1 2016 NPAT only reached USD830,000 (VND18.6 billion), a 44% drop vs Q1 2015.