Logo of Phnom Penh Post newspaper Phnom Penh Post - PAS logs 11% revenue growth, 10% dip in net profit

PAS logs 11% revenue growth, 10% dip in net profit

Content image - Phnom Penh Post
Sihanoukville Autonomous Port (PAS) posted total revenues of 90.38 billion riel ($22.3 million) for the first quarter ended March 31, up 11.18 per cent year-on-year. YOUSOS APDOULRASHIM

PAS logs 11% revenue growth, 10% dip in net profit

Public-listed Sihanoukville Autonomous Port (PAS) reported solid growth and improved business performance in the first quarter of this year, reflecting a marked recovery in regional and global economic activity.

In a May 27 filing to the Cambodia Securities Exchange (CSX), PAS said that in January-March, amid a major overhaul to more effectively run business operations, revenues totalled 90.38 billion riel ($22.3 million), up by 9.09 billion riel or 11.18 per cent year-on-year.

Net profit after tax, however, was down 3.76 billion riel or 10.23 per cent year-on-year to 33.04 billion riel.

Lou Kim Chhun, director-general of the state-run deep-sea port operator, attributed the dip in net profit to a decline in unrealised foreign exchange gain in Japanese yen, but noted that an uptrend in general cargo and container throughput had kept revenues buoyant.

Earnings per share stood at 385.23 riel for the quarter, as container throughput reached 198,182 TEUs, up by 16.32 per cent year-on-year from 170,370 TEUs.

A TEU is an inexact unit of cargo capacity used in the shipping industry roughly equivalent to a container with internal dimensions measuring about 20 feet long, eight feet wide and 8.5 feet tall, or a volume roughly 38.5 cubic metres.

Kim Chhun went on to say that PAS would “continue its efforts for the betterment of business and service operation and to achieve the highest benefits for its shareholders.

“PAS has strengthened the work efficiency and built additional infrastructure to meet the increasing demand of customers and the growing economy,” he added.

He explained that rising cargo and container throughput had prompted PAS to renovate an old 350m-long wharf built in 1969 into an additional 243m-long container terminal.

In an earlier CSX filing, Kim Chhun had said that yet another container terminal is planned to be built in three phases, with each set to be ready for operation in 2025, 2028 and 2030, respectively.

After each phase is completed, the port will respectively have a length of 350m, 400m, and 430m; depth of 14.50m, 16.50m, and 17.50m; and the capacity to handle vessels up to 4,000 TEUs or 60,000 DWT (deadweight-tonnage), 10,000 TEUs or 120,000 DWT, and 15,000 TEUs or 160,000 DWT, he said.

In the May 27 filing, Kim Chhun affirmed that Phase I, due to be completed in mid-2025 and launched before the end of the year, would boost the port’s annual container handling capacity to 1.15 million TEUs – up roughly 53 per cent from the reported container throughput of 0.75 million TEUs for 2021.

“This new container terminal will allow larger container vessels in the region calling to PAS, [and] will address the water depth constraints for the port as well as ocean freight cost that will [be] similar to neighbouring countries and [those in] the region, and contribute to trade facilitation and” socio-economic development in Cambodia, he said.

He said Phase I includes the installation of three quay cranes (QC), nine rubber-tyred gantry cranes (RTG), two empty container handling reach stackers, 16 container lorries and a virtual container terminal management system.

MOST VIEWED

  • Historic Battambang town bans billboards

    The Battambang town administration informed all house and business owners in Svay Por commune to remove all billboards by August 1 as it is preparing to submit the town to UNESCO for inclusion on its historical cultural heritage list. Its July 25 notice said all signage was

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Khmer influence growing in Hollywood

    The rare success of The Cleaning Lady – an American TV series which stars Cambodian-French Hollywood actress Elodie Yung – sheds some light on Asian immigrants to the US, yet a significant representation gap of Asian Americans and Pacific Islanders (AAPI) exists both on screen and behind

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of