- CTD reported Q3 2022 revenue of VND3.1tn (USD127.1mn; +191% YoY from 2021’s low base but -5% QoQ) and a net loss of VND4bn vs net losses of VND12bn (USD0.5mn) and VND24bn (USD1.0mn) in Q3 2021 and Q2 2022, respectively.

- Stagnant domestic construction activities created pressure on both CTD’s revenue and gross margin in Q3 2022. In addition, both high construction material and labor costs further weighed on gross margin. CTD’s Q3 2022 gross margin fell to 1.1% vs 6.6% in Q2 2022 — even lower than 1.6% in Q3 2021 during Vietnam’s fourth wave of COVID-19.