Logo of Phnom Penh Post newspaper Phnom Penh Post - Spirits up despite revenue fall at SEZ

Spirits up despite revenue fall at SEZ

Spirits up despite revenue fall at SEZ

The capital’s exchange-listed special economic zone (SEZ) announced a more than 18 percent decline in revenue for the first quarter of 2018, citing decreasing land sales as a contributing factor.

According to a filing to the Kingdom’s stock exchange, Phnom Penh SEZ generated $1.17 million in the first quarter, down from $1.34 million in the same period last year.

The company remained optimistic about the rest of the financial year, however.

Lim Chhiv Ho, chairman of the entity, said that “2018 will be another competition year. We are on the final step of some agreements that will be reached during this year.”

The company has long relied on land sales at its Phnom Penh industrial park to ensure overall fiscal viability.

The company is now struggling to increase its revenue from sources other than land sales from 20 percent to 50 percent by 2020.

The revenue from selling land in the first quarter of this year was $192,347 compared to $675,405 last year, according to the report.

The Phnom Penh SEZ Plc group’s overall revenue has fallen every year since 2014, when it posted revenue of more than $20 million. That amount fell to $16.4 million in 2015, $9.2 million in 2016 and $8.8 million in 2017.

The Phnom Penh SEZ Plc is currently developing an SEZ in Poipet, established in late 2016 with an initial investment of $10 million on 66 hectares of land near the Thai border.

Sitting just 8 kilometres east of Poipet’s city centre and around 250 kilometres from the popular Thai sea port of Laem Chabang, the park aims to attract electronic, garment, automobile and plastic industry players seeking easy access to major cities in the region.

MOST VIEWED

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • Sam Rainsy, government group set to clash at IPU Geneva meet?

    Opposition figure Sam Rainsy has been invited to speak at the General Assembly of the Inter-Parliamentary Union (IPU) in Geneva, according to a former Cambodia National Rescue Party (CNRP) lawmaker. A government delegation is also set to attend the meeting, a National Assembly press release