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Revenue rises in Q3 at capital’s water firm

Revenue rises in Q3 at capital’s water firm

The capital’s listed water utility posted higher revenue against lower earnings during the third quarter of the year in a filing to the Cambodian stock exchange yesterday.

Phnom Penh Water Supply Authority (PPWSA) saw its revenue rise by $1 million, or 8 percent, year-on-year to $13.9 million during the third quarter. Net profit fell by $98,000 to $2.6 million during the period, a 3.7 percent drop compared to its third quarter net earnings in 2015.

Stronger revenue in the third quarter was not enough to lift the company’s weaker year-to-date performance. Total revenue for the nine months through September amounted to $39.5 million, a decrease of $2.2 million or 5.4 percent, compared to the same period in 2015.

Net profit during the first nine months was also down, totalling $7.6 million, a 23 percent decrease compared to the same period a year earlier. Basic earnings per share for PPWSA’s 86.9 million listed shares amounted to 118 riel during the third quarter with no dilutive potential ordinary shares.

The stock’s dividends are typically distributed in April, with a total dividend of $3.3 million, amounting to 152 riel per share, paid earlier this year. The company said it expects net profit to rise in the fourth quarter, projecting not less than $2.74 million.

PPWSA, the municipal water utility that serves Phnom Penh and its surrounding area, was Cambodia’s first public-listed company. The company’s shares on the Cambodia Securities Exchange (CSX) closed down 20 riel yesterday at 4,080 riel in low-volume trading.

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