- PC1 announced Q2 2022 results with revenue of VND1,518bn (USD66mn; -49% YoY) and NPAT-MI of VND63bn (USD3mn; -81% YoY). The reported NPAT-MI decline was mainly due to (1) forex losses of VND72bn (USD3mn) arising from USD-denominated loans of VND4,000bn (USD175mn) and (2) a non-core asset revaluation gain of VND262bn (USD11mn) recognized in Q2 2021.

- Gross profit increased 42% YoY to VND 345bn (USD15mn) in Q2 2022 despite revenue declining in Q2 2022 thanks to the impressive performance of the power generation segment, which outweighed the sluggish performance of the low-margin power construction segment. 

- PC1’s H1 2022 reported NPAT-MI completed 29% of our full-year forecast. We foresee potential downside risk to our full-year earnings forecasts for 2022 as we currently do not factor the forex losses from the USD-denominated loans.

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