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CSX-listed companies see a mix of results

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The Sihanoukville Autonomous Port.

CSX-listed companies see a mix of results

Listed companies on the Cambodia Securities Exchange (CSX) announced mixed results of their financial performance for the third quarter of this year, while Phnom Penh SEZ Plc (PPSP) delayed issuing its financial statement, citing an audit issue.

The Sihanoukville Autonomous Port, one of the three state-owned enterprises listed on the exchange, announced a year-on-year sharp increase of 27.77 per cent in net profits during the third quarter to $5 million while revenue rose 17.16 per cent to $17.68 million over the same period.

The profit growth was boosted by an increase in cargo volume and number of containers and a depreciation of the Japanese yen, which the port’s debt obligation is denominated in.

The third quarter report of Cambodia’s international port operator showed that during this quarter, the volume of cargo crossing the port was 1.29 million tonnes, up 12.96 per cent year-on-year. However, it decreased by 4.01 per cent quarter-on-quarter.

Taiwanese garment producer Grand Twins International (GTI) announced a decrease in net profits, though revenue rose due to an increase in orders.

According to the company’s report, net profit dropped sharply by 32.83 per cent year-on-year to about $870,000 in the third quarter of this year as revenue grew by 69.78 per cent to approximately $34 million.

The decline in net profit was attributed to cost increases in labour and transportation.

The Cambodian government has continuously raised the minimum wage for garment workers and will raise it to $182 per month next year.

While visiting garment workers on Wednesday, Prime Minister Hun Sen said at this rate, the garment sector’s wages in Cambodia will be higher than in some other countries.

“The minimum wage now is $170 and it is only one month, our workers will receive a minimum wage of $182,” the prime minister said.

GTI produces clothes for famous brands such as Adidas and Reebok.

In contrast to GTI’s decrease in net profit, Phnom Penh Autonomous Port (PPAP), another CSX-listed company, announced strong gains in net profit – up nearly 60 per cent year-on-year to $3.85 million in the third quarter, while revenue rose slightly by 1.25 per cent to around $6 million.

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