PHR released Q1 2021 results with revenue increasing 27% YoY to VND280bn (USD12mn); however, NPAT-MI plunged 59% YoY to VND84bn (USD3.6mn). PHR’s Q1 2021 revenue was mainly driven by the rubber and wood segments, while the IP segment posted no one-off recognition in both Q1 2021 and Q1 2020. Meanwhile, the YoY bottom-line plunge was mainly due to a significant YoY decrease in net other income in Q1 2021. Net other income in Q1 2020 was a high base as PHR recorded compensation income