- NVL announced weak Q1 2023 results with net revenue of VND604bn (USD25.6mn; -69% YoY) and a net loss of VND377bn (USD16.0mn) vs Q1 2022 NPAT-MI of VND1.1tn (USD45.7mn), which was mainly due to sluggish property handovers. In Q1 2023, NVL recorded property sales revenue of VND453bn (USD19.2mn; -71% YoY) from deliveries at Novaworld Phan Thiet, Novaworld Ho Tram, Aqua City and HCMC projects.

- Q1 2023 selling expenses decreased 82% YoY to VND37bn (USD1.6mn), which resulted from lower expenses for sales campaigns. However, high G&A expenses of VND304bn (USD12.9mn; -16% YoY) caused Q1 2023 EBIT loss of VND192bn (USD8.1mn) vs Q1 2022’s EBIT of VND155bn (USD6.6mn).

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