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PPAP records positive business performance in first three quarters

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Shipping containers sit at the Phnom Penh Autonomous Port in 2016. Heng Chivoan

PPAP records positive business performance in first three quarters

Stock-listed Phnom Penh Autonomous Port (PPAP) posted positive business performance in the first nine months of this year in the face of headwinds created by the Covid-19 fuelled global and regional economic downturn.

In its filing to the Cambodia Securities Exchange (CSX) late on Monday, the state-owned river port operator logged $22.264 million in revenue in the period between January-September, a 2.56 per cent gain from $21.707 million in the same period last year.

It posted a 4.09 per cent year-on-year climb in the volume of containers and a 0.63 per cent year-on-year rise in the number of cargo vessels handled at the port during the period.

It logged a two per cent fall in cargo and fuel oil throughput, a 52 per cent drop in passenger boats and a 54.65 per cent decrease in passengers.

It did not disclose its gross profit in the filing.

CSX vice-chairman Ha Jong-weon told The Post that the results reflect PPAP’s business stability in these trying times.

But he expressed concern over the company’s slowing revenue growth.

“If we take the current Covid-19 situation into consideration, we may see that the company remains strong.

“As far as we know, the trading between countries has been significantly reduced and for the port business to maintain a slight increase in revenue, it shows the good business management and the strategy, as well as the effective risk management of the company during the pandemic.

“For the optimist, seeing the slight increase in revenue even after a long-lasting pandemic will convince them to have faith in the management of PPAP, its strategy and the potential growth of the company.

“[They’ll believe that] if they invest now when the share price is lower, they will definitely get significant profit in the long term when the situation improves,” Ha said.

There are currently 13 listed firms in the Kingdom – seven stock-listed and six corporate bond-listed. The 13 companies have raised a combined $253 million and the stock index increased more than 57 per cent last year over 2018, CSX data show.

In the first nine months of this year, two companies listed stocks and three listed bonds. The five firms have raised a combined $92 million, the data show.

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