GMD’s 2018 revenue declined 33% YoY to VND2.7tn (USD117mn) while NPAT-MI jumped 2.6x YoY to VND1.8tn (USD76mn), mostly due to the impact from the sell-down and deconsolidation of its logistics and shipping businesses in Q1 2018. Overall GPM expanded significantly to 36% in 2018 from 26% in 2017 thanks to the higher revenue contribution from the ports segment, which is higher margin than the logistics and shipping segments.