GTN announced poor 2018 results with NPAT-MI nosediving 81% YoY to VND8bn (USD327,000) due to weak earnings from Moc Chau Milk (MCM), GTN’s main profit contributor, and lower non-recurring profits. In Q4 2018 alone, GTN recorded a net loss of VND18bn (USD782,000). Overall, GTN’s full-year NPAT-MI trailed our forecast by 80% due to lower-than-expected dairy revenue and EBIT margin as well as unexpected provisions for legacy receivables at Vinatea.