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Profits up in third quarter for PPWSA

Profits up in third quarter for PPWSA

The Phnom Penh Water Supply Authority (PPWSA) saw a dramatic increase in profits during the third quarter of this year, according to the state-run firm’s latest filing to the Cambodian Stock Exchange (CSX).

PPWSA profits after tax topped $4.5 million during the three-month period

ending September 30, with average water rates at 1002 Riel ($0.25) per cubic metre (1,000 litres).

“Revenue from water connection. . . accounts for less than 10 per cent of total revenues, while water sales account for approximately 94 per cent of the total revenue of PPWSA,” the statement said.

The third-quarter result represents a 128 per cent increase in profits for PPWSA, compared to the same three-month period in 2013.

The positive performance between July and September contributed to an overall nine-month profit total of $8.5 million, an increase of 13 per cent compared to the same nine months last year, according to the December 9 financial statement.

Total water sales for PPWSA, which services throughout Phnom Penh city, reached more than $26.7 million during the first nine months of 2014.

PPWSA, one of just two firms on the CSX, has traded at 4,620 riel since Thursday, December 4.

“For next year, PPWSA expects to earn net profit of not less than KHR 12.788 million as approved upon by Board of Directors and both guardian Ministries,” PPWSA stated in the December 9 release, however the firm provided no additional details of 2015 profits forecasts or potential dividend payouts.

Due to the national public holiday, the company could not be reached for comment yesterday.

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