Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP net profit up 26% in Q1

PPAP net profit up 26% in Q1

PPAP net profit up 26% in Q1

Listed port operator Phnom Penh Autonomous Port (PPAP) reported increases in both revenue and net profit during the first quarter of the year, it said in a filing to the Cambodian Securities Exchange (CSX) yesterday.

Total revenue during the first three months of 2016 reached the equivalent of $3.87 million, an increase of $354,000, or 10 per cent, compared to the same period last year. Net profit rose to $901,000 during the first quarter, a 26 per cent year-on-year increase.

Hei Bavy, CEO of PPAP, attributed the positive figures to Cambodia’s robust economic growth, which in turn drives trade and shipping.

“Both the increase in revenue and profits are the result of the Cambodian economy, which is continually growing, and customers supporting our service”, he said, predicting that the port operator would achieve 9-10 per cent annual growth this year.

According to the CSX filing, PPAP’s three main revenue sources were stevedoring, which contributed 39.5 per cent, and LOLO, with 30.4 per cent. The remainder came from overall port operations.

PPAP became the third company to list on the CSX after raising $5.2 million in an initial public offering late last year. The company’s shares closed at 5,460 riel yesterday, up 20 riel in low-volume trading.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Stock photo agencies cash in on Khmer Rouge tragedy
    Stock-photo companies selling images from S-21 raises ethics concerns

    A woman with short-cropped hair stares directly into the camera, her head cocked slightly to the side. On her lap is a sleeping infant just barely in the frame. The woman was the wife of a Khmer Rouge officer who fell out of favour, and