Logo of Phnom Penh Post newspaper Phnom Penh Post - Grand Twins sees revenue up, profit down

Grand Twins sees revenue up, profit down

A monitor displays the Cambodian stock market index next to the reception of the CSX earlier this month in the Kingdom’s capital.
A monitor displays the Cambodian stock market index next to the reception of the CSX earlier this month in the Kingdom’s capital. Heng Chivoan

Grand Twins sees revenue up, profit down

Grand Twins International (GTI), the only publicly traded garment firm on the Cambodian stock market, reported that profits decreased by over 15 per cent year-on-year during the first six months of 2016 despite a hefty increase in revenue.

In a financial report released yesterday, the Taiwanese-owned garment manufacturer reported that revenue increased to $42 million during the first half of 2016, a 44 per cent increase compared to $29 million for the same period a year earlier. Meanwhile, total profits declined to $3.6 million during the period, from $4.3 million a year earlier.

GTI did not respond to requests for comment yesterday.

However, the company’s unaudited financial report showed that costs of sales – a breakdown of labour, materials and overheads – swelled to $37 million in the first half of 2016, compared to $21 million a year before.

The bulk of the costs went to materials, which increased $10 million, while labour costs were nearly an additional $2 million compared to the previous year.Distribution costs also grew during the first half of the year to $1 million, from $635,906 a year earlier.

Henry Chan, GTI’s chief financial officer, previously told the Post that distribution costs would likely go up for the company whose primary customer is German sportswear giant Adidas, as it shifts toward air freight to ensure the completion of orders.

The report also showed that the company invested $2.4 million into purchasing property and equipment, as well as making a $1.5 million repayment on debt.

The company’s second-quarter earnings were more subdued compared to its first-quarter financial report, which showed profits soaring 157 per cent to $1.6 million, from just $628,000 a year earlier.

GTI is owned by QMI Industrial Co Ltd, a British Virgin Islands-registered holding company.

MOST VIEWED

  • WHO: antibiotics cause more deaths

    Increased antibiotics use in combating the Covid-19 pandemic will strengthen bacterial resistance and ultimately lead to more deaths during the crisis and beyond, the World Health Organisation (WHO) said on Monday. WHO director-general Tedros Adhanom Ghebreyesus said a “worrying number” of bacterial infections were becoming

  • Children in poverty said to rise by 86M

    The UN Children’s Fund (UNICEF) and Save the Children warned that if urgent measures are not taken, the number of children living in poverty across low- and middle-income countries could increase by 86 million, a 15 per cent jump, by the end of the year. In

  • PM slams HRW ‘double standards’

    Prime Minister Hun Sen has chided Human Rights Watch (HRW) Asia director Brad Adams for keeping quiet over protest crackdowns in the US following the death of George Floyd in Minneapolis on May 25. Addressing reporters while inspecting infrastructure development in Preah Sihanouk province on Monday,

  • Four more UN troops infected by Covid virus

    Four more Cambodian Blue Helmet peacekeepers in Mali have been diagnosed with the novel coronavirus, bringing the number of infected Cambodian UN peacekeepers to 10. National Centre for Peacekeeping Forces and Explosive Remnants of War deputy director-general and spokeswoman Kosal Malinda told The Post on Tuesday

  • Huge tracks of undocumented land a concern for registration officials

    Siem Reap provincial deputy governor Ly Samrith expressed concern that land registration plans for residents scheduled to be completed by late 2021 could not be achieved because 80 per cent of the land had not been registered. Land dispute issues are a major factor that poses a

  • Bank robber of $6M asks to be released

    An accused bank robber who admitted to stealing $6 million has asked the Supreme Court to release him temporarily because he had returned the money. In a court hearing on Tuesday Chan Simuntha, 39, told the judge that on January 18, his wife Teang Vathanaknearyroth told him that