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PPAP profit nears $9M in first nine months of 2019

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Boats are loaded with containers at the Phnom Penh Autonomous Port in 2012. Heng Chivoan

PPAP profit nears $9M in first nine months of 2019

Cambodia Securities Exchange- (CSX-) listed Phnom Penh Autonomous Port (PPAP) reported $8.97 million in net profit during the first nine months of this year – up 46.9 per cent from $5.98 million during the same period last year.

However, its net profit fell to $3.45 million in the third quarter, down 9.1 per cent from the year-ago period, said the firm’s financial statements, which were reviewed by independent auditors BDO (Cambodia) Ltd.

CSX Market Operations Department acting director Kim Sophanita told The Post on Thursday that an increase in operating activity and investor confidence had led to the gradual surge in PPAP’s earnings and share price.

“The result of the almost 50 per cent in net profit growth is indicative of PPAP’s efforts and efficiency, while its share price has also had similar momentum,” Sophanita said.

She said PPAP’s share price was a mere 6,400 riel ($1.58) at the end of last year’s third quarter, but reached 12,780 riel at the end of September this year.

Sophanita noted that average daily trading value on the CSX as of the third quarter of this year is approximately $200,000, compared to 2018’s figure of $26,000 – a seven-fold increase.

Cargo traffic through PPAP increased 44.43 per cent year-on-year during the third quarter, with throughput at 92,494 twenty-foot equivalent units, its data shows.

PPAP’s share price fell 0.64 per cent to 12,500 riel at Thursday’s close.

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