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PPWSA’s profit down in 2Q

PPWSA’s profit down in 2Q

The Phnom Penh Water Supply Authority (PPWSA) saw its profit after tax drop for the second quarter this year, when compared to the same period last year, according to its quarterly statement published on the Cambodia Securities Exchange (CSX) on Wednesday.

The state-owned utilities service reported a net profit of $1.7 million for the quarter ending June 30, a 34.8 per cent decrease from last year’s second quarter profit numbers.

“For next quarter, PPWSA expects to earn net profit of not less than $2.67 million as approved upon by Board of Directors and both guardian Ministries,” PPWSA stated in the August 26 release.

Despite the second quarter drop, profits for the first six months this year increased 77.6 per cent to little over $7 million from $3.9 million reported in the first half of last year.

The statement also said that PPWSA paid a dividend on April 24 that totalled around $2.2 million at $0.03, or 105.20 riel, a share.

The price of PPWSA, one of just two firms on the CSX, remained unchanged at $1.23 at yesterday’s close of trading.

The company could not be reached for comment yesterday.

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