PC1 released Q1 2018 results with revenue and NPAT-MI growth of 51.0% YoY and 9.2% YoY, respectively. Q1’s revenue and NPAT-MI met 22.3% and 20.5% of our 2018 full-year forecasts, respectively, for the core business. Earnings growth was mainly driven by contribution of new hydropower plants while the grid erection & installation and steel pole segments were disappointing again.