Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP works to soften virus hit

PPAP works to soften virus hit

Content image - Phnom Penh Post
PPAP reported a three per cent year-on-year drop in total revenue in the first five months of the year. Heng Chivoan

PPAP works to soften virus hit

Listed state-owned port operator Phnom Penh Autonomous Port (PPAP) has doubled down on its commitment to enhance its business performance during the global health crisis by reducing expenses and postponing non-urgent investment, director-general Hei Bavy told its annual meeting on Friday.

He stressed that the Kingdom was not spared from the disruption of global economic activity in the wake of the Covid-19 pandemic.

“In the face of the current situation, with the Covid-19 crisis still gripping Cambodia and large parts of the world, PPAP remains constant in its goal to minimise the impact to our business,” said Bavy, adding staff is working together to reduce unnecessary expenses and curb fallout from the coronavirus.

He added: “We recently launched some measures in response, including adjustments to our 2020 business plan, cutting down on unnecessary expenses, holding off on investments that are not currently essential and focus mainly on important projects to shore up growth.”

PPAP’s first quarter 2020 report said total revenue and other income was $7,603,877. The operator logged a decline in number of passenger boats during the period, but reported that all other business activities either grew or remained flat.

PPAP reported a three per cent year-on-year drop in total revenue in the first five months of the year, citing a notable dip in passengers and number of passenger boats and a four per cent fall in cargo and fuel oil throughput.

On the other hand, it posted a 15 per cent increase in volume of containers handled at the port during the period.

Cambodia Securities Exchange (CSX) vice-chairman Ha Jong-weon said PPAP’s reports prove that its business remains good despite the Covid-19 pandemic.

It is in a prime position to grow over the next quarters given how crucial import-export businesses are to the Kingdom’s economy, he said.

“The earnings per share of PPAP is still the highest among our listed companies. I am very optimistic on PPAP’s future business under our fast growing Cambodian economy,” said Ha.

PPAP’s stock price was strong in January, hovering at just over 12,000 riel ($3). As Covid-19 fears began to jolt the Kingdom in February, the price had dropped 13 per cent by month’s end, data from the CSX show.

It remained at low levels in March, hitting a 10,280 riel low on March 17, and commenced a rebound late in April. It closed at 11,700 riel on Friday, up 13.81 per cent over its Covid-19 era bottom.

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • Airline says ready for green light to reopen international tourism

    Sky Angkor Airline Co Ltd on September 21 said it is ready to transport South Korean and Chinese tourists to the Kingdom once the Cambodian government makes good on plans to reopen its borders to vaccinated travellers. The Siem Reap-based airline made the remark during a

  • Four-pillar approach in reopening of tourism: PM

    Cambodia is drawing up a four-strategy approach to promptly restore domestic and international tourism activity and put the industry on a transition pathway to a sustainable and inclusive model that is resistant to future crises, according to Prime Minister Hun Sen. The prime minister made

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Cambodian bride ‘badly treated, held captive’ by Chinese man seeks help

    A Cambodian woman who travelled to China to marry a Chinese man there was “badly treated” by her husband’s family and then had to be rescued and will be returned to Cambodia to ensure her safety. The rescue operation came about after the 25-year-old