BWE released its Q1 2021 results with revenue and NPAT reaching VND675bn (USD29.4mn; -8% YoY) and VND172bn (USD7.5mn; +31% YoY), respectively. The decline in revenue was mainly due to a 49% revenue plunge for the trading & others segment. Meanwhile, the growth in NPAT was mainly due to (1) a decent performance from the water segment with 3% YoY sales volume growth and a 5% YoY water tariff increase and (2) provision reversal on the financial investment in Binh Duong Production and Trading Goods