GMD – Brief – [NONRATED] – Rising expenses eroded profits

GMD announced total revenue of VND1,557bn (+23% YoY), in which, port operation generating VND1.4tn revenue thanks to solid throughput volume and fee increases. Gains from associates in 3Q25 soared to VND297bn (+44% YoY), in which, GML contributed VND208bn (+37% YoY). NPAT came in at VND432bn, decline 4% YoY due to hike in SG&A expenses.