CTD announced that its Q4 2020 net revenue declined 42% YoY (VND4.3tn/USD186.8mn) while its NPAT-MI shank 60% YoY (VND94bn/USD4.1mn). Q4 2020 gross margin of 6.1% was flat compared to Q3 and Q2 2020 but higher than 4.4% for full-year 2019. However, a surge in Q4 2020 SG&A expenses classified as a 'provision for doubtful receivables' amounting to VND125.9bn (USD5.5mn) vs nil in Q4 2019 caused SG&A expenses on sales to jump to 5.2% in Q4 2020 compared to a range of 1.5% to 3.7% between 2018 – 2019