VJC’s Q1 2018 core (excluding sale and leaseback/SALB transactions) revenue and NPAT grew by 54.3% and 62.9%, respectively, vs Q1 2017. This was mainly driven by increased frequency on existing routes and the launch of new international routes. VJC’s total revenue and NPAT increased by 146.9% and 262.8%, respectively, mainly due to four SALB transactions completed in Q1 2018 compared to no transactions in Q1 2017. As these results are broadly in line with our forecasts, we will likely maintain