GEG released Q3 2021 results with revenue of VND313bn (USD13.6mn; -11% YoY) and reported NPAT-MI of VND53bn (USD2.3mn; -1% YoY). We attribute the flat NPAT to 1) G&A cost cutting, 2) a jump in financial income and 3) lower financial expenses, which offset a slight decline in solar power profit and significant increase in other losses.

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