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Grand Twins International posts 57.9% Q1 revenue increase

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Grand Twins International (Cambodia) Plc posted a 58 per cent increase in revenue for the first quarter of this year compared to the same period last year. Hong Menea

Grand Twins International posts 57.9% Q1 revenue increase

Taiwanese-owned garment manufacturer Grand Twins International (Cambodia) Plc (GTI) posted a 57.9 per cent increase in revenue for the first quarter of this year compared to the same period last year.

Released on the Cambodia Securities Exchange on Monday, its unaudited quarterly financial report shows that revenue for the first quarter amounted to $36.80 million from $23.30 million.

However, the report shows that pre-tax profit fell to $215,465 – down from more than $1.2 million in the first quarter of last year.

GTI board director Yang Savsin in a statement sent to the stock exchange said it continues to strive to maintain its relations with customers – in particular, Adidas, the company’s major customer – to increase orders for this year.

“[GTI] will try to collaborate with partners to earn more revenue, such as receiving outsourced garments and packaging, as well as stabilising and earning revenue,” he said.

While GTI expects to see higher profits in the second quarter, it said the expected economic slowdown in Europe and the US, the firm’s main markets, will also hurt corporate earnings for this year.

As of March 31, GTI’s total assets were worth $89.88 million, while total capital amounted to over $68.58 million, its report said.

GTI’s share price on the Cambodian stock exchange was 4,300 riel ($1.06) on Monday, but there was no trading.

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