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PLX - Weak domestic sales; retail sales in line with expectation - Earnings Flash

Company Research

01 Nov 2018

9M 2018 revenue and reported NPAT-MI rose 27.0% YoY and 13.3% YoY, respectively. Top line growth was mainly due to petroleum price increases (15%-20% YoY) and domestic sales volume growth of 3.8%. Meanwhile, NPAT-MI grew thanks to 1) retail (owned stations) sales volume growth of 5.8% YoY, 2) higher E5 and RON95 gasoline sales volume (higher margin vs other products) and 3) more favorable petroleum prices in Q2 and late Q3 vs the same period last year. 9M reported NPAT-MI completed 72.5%

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