Logo of Phnom Penh Post newspaper Phnom Penh Post - Huge loss for Grand Twins despite efforts toward expansion

Huge loss for Grand Twins despite efforts toward expansion

Content image - Phnom Penh Post
Garment workers sew clothes at Grand Twins International’s factory in 2014. Pha Lina

Huge loss for Grand Twins despite efforts toward expansion

Cambodia Securities Exchange-listed and Taiwan-based Grand Twins International (Cambodia) (GTI) recorded a loss of more than $800,000 in the second quarter of this year, a financial report filed with the bourse on Thursday showed.

The company said the loss was a result of an increase in labour costs, a shift to exporting summer clothes to Asia rather than Europe and rising costs of administrative spending, the report said.

Losses over the second quarter amounted to $887,143, which marks a nearly 200 per cent decline over the same period last year when the company generated $1.17 million in profit.

In the first quarter of this year, it earned nearly $1 million in profit.

Total revenue at Grand Twins for the second quarter stood at $23.7 million, compared to $25 million for the same period last year.

The firm’s chairman Yang Shaw Shin said despite efforts to expand its product line, the firm still suffered the huge loss.

“Grand Twins will make further efforts to better reinforce the company’s corporate governance as well as try hard to maintain good relationships with its customers, especially with its main client, Adidas,” he said.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the