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PPWSA profits up three-fold during Q1

Revenue for the state-owned water utilities firm Phnom Penh Water Supply Authority increased 33 per cent for the first three months of 2015, compared to the same period last year, while net profit almost tripled.

Phnom Penh Water Supply Authority (PPWSA) – one of the only two companies listed on the Cambodia Securities Exchange – made $11.2 million in revenues for 2015’s first quarter, compared to around $8.5 million in last year’s first quarter.

The water firm recorded a profit of about $4 million this quarter, compared to only $1.33 million for the same period in 2014.

The tripling in profit was likely due to a particularly bad first quarter for PPWSA in 2014, when the company suffered a loss of revenue due to political turmoil and increased spending on the Niroth Water Production Facilities Plant, which is due for completion in late 2016.

Svay Hay, president and CEO of Acleda Securities, said the results were good for PPWSA “as they can see their share go up and [shareholders] can also get better dividends”.

In March, PPWSA said it would almost double its annual dividend, paying out $2.2 million to its shareholders. Shareholders received 105.2 riel ($0.026) per share, compared to 54.5 riel the year before.

Revenue for PPWSA stood at over $39 million for 2014, while net profit after tax was up 19 per cent to $11.363 million.

The firm’s stock price closed at 4,900 riel ($1.21) a share on Wednesday.

PPWSA could not be reached for comment yesterday.

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