Logo of Phnom Penh Post newspaper Phnom Penh Post - GTI profits falter in Q3, poised for yearly gains

GTI profits falter in Q3, poised for yearly gains

GTI profits falter in Q3, poised for yearly gains

Despite posting healthy profits in the second quarter, Grand Twins International, Cambodia’s only garment company to list on the stock market, posted a drop in revenues and profits for the July to September period, according to a company report.

Grand Twins International’s (GTI) third-quarter report, released on Friday, shows that the garment manufacturer saw a 16 per cent dip in revenues, falling to $9.19 million from $10.9 million for the same period in 2014.

Profits after tax also eased off for the quarter, clocking in at a little over $400,000, down 22.3 per cent compared to the same quarter in 2014.

Despite falling revenues in the second quarter as well, the company was still able to increase profits 124 per cent on the back of improved efficiency that reduced costs and upped worker productivity, according to a company spokesman who spoke to the Post in September.

The company could not be reached for comment yesterday.

However, for the first nine months of 2015, the company posted $4.7 million profit after tax, up 92 per cent from the $2.4 million reported in 2014. Revenues were at $38.3 million, down from the $43.3 million reported in 2014.

Lower profits in the third quarter of 2015 brought down the earnings per share to $0.01, from $0.02 in 2014, with earnings per share for the year so far standing at $0.12, up from $0.07 per share in 2014.

As of Friday’s closing bell, the garment manufacturer’s share price on the Cambodia Securities Exchange was $0.99, down $0.02 from Thursday’s trading.

MOST VIEWED

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Tottenham Hotspur to wear ISF Cambodia logo on jerseys in match against Sheffield United

    Last year, the Indochina Starfish Foundation (ISF) – an NGO providing education to underprivileged children in Cambodia – made global headlines with its “socially distanced” football initiative. This year, a world-class football club – Tottenham Hotspur FC – will wear special edition jerseys to show their support for ISF

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American