Logo of Phnom Penh Post newspaper Phnom Penh Post - CSX-listed companies see a mix of results

CSX-listed companies see a mix of results

Content image - Phnom Penh Post
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.

MOST VIEWED

  • Draft law on state of emergency pending finalisation

    Prime Minister Hun Sen will lead a top-level meeting on Tuesdays to review the draft law on imposing a state of emergency. Meantime, he has decided to close all casinos in Cambodia effective April 1. In the press conference after the National Assembly met today, Hun

  • Stranded passengers petition UK for help

    Some 10,521 foreigners in Cambodia, the bulk being from the UK, have signed an online petition calling on British Prime Minister Boris Johnson and relevant officials to fly them out of the Kingdom. The petition is targeted at 15,000 foreigners. Among them are nearly 200 Europeans, the majority

  • Covid-19 Pandemic: Force majeure and legal consequences

    Is the Covid-19 pandemic considered an event of force majeure? The World Health Organisation declared the novel coronavirus (Covid-19) outbreak a pandemic on March 11. Following this declaration, the Ministry of Health and other ministries have taken various legal and administrative measures to prevent the rapid

  • PM set to mend ties with US

    Prime Minister Hun Sen has responded to US Congressman Ted Yoho, saying he is ready to improve Cambodia-US relations, and not take up issues of disagreements which have become a barrier between the two countries’ bilateral cooperation. His response to Yoho came after the congressman

  • Mysterious century-old structure found at bottom of Angkor pond

    The Apsara National Authority (ANA) has discovered a mysterious 1,000-year-old structure of a wooden building at the bottom of a pond after the Angkor Wat temple’s conservation team completed restoring its northern cave. The deputy director at ANA’s Angkor International Research and Documentation

  • NBC’s directive to restructure credit targeting four sectors

    The National Bank of Cambodia (NBC) on Friday issued a directive to all banks and financial institutions to restructure credit for loans in four priority sectors, a move lauded by the private sector. The directive aims to maintain financial stability, support economic activity and ease