The Cambodia Securities Exchange- (CSX-) listed Phnom Penh Special Economic Zone (PPSP) reported strong revenue growth reaching $2 million in the third quarter of this year – up 46.96 per cent from $1.4 million in the third quarter of last year.
In its condensed financial statement filed to the CSX last week, the firm cited an increase in land sales as the main driver of the rise in its quarterly revenue.
However, it reported just $762,665 in profit in the third quarter, down 30.49 per cent compared to $1.1 million during the same period last year.
CSX Market Operations Department acting director Kim Sophanita told The Post that the net loss does not affect the company’s overall business performance as it is only periodic. She said PPSP’s business position remains firm.
“I think investors will look more deeply into the details when it comes to business performance evaluation and not only at certain points in time.
“PPSP’s Q3 performance was not good, showing a 30 per cent year-on-year drop in profit even though it saw a 47 per cent year-on-year increase in revenue due to its [land] sale prices doubling.
“However, looking at its nine-month performance, PPSP made a huge profit of 35,281,898,000 riel, or approximately $8,615,848, while it saw a net loss of $2,208,950 during the same period of last year.
“I think it still justifies a positive outlook for the whole year due to very strong performance in the first and second quarters,” Sophanita said.
PPSP became the fourth listed company on the CSX in May 2016. The firm has said it will use the proceeds to support business expansion, new business development opportunities and for general corporate purposes.