Cambodia Stock Exchange- (CSX-) listed Sihanoukville Autonomous Port (PAS) saw a 16.55 per cent year-on-year increase in revenue during the second quarter of this year, according to an unaudited report filed on the exchange.
In the second quarter of this year, the port earned $20.42 million, up from $17.52 million in the second quarter of last year, the report said. However, net profit fell 93.98 per cent year-on-year from $4.72 million in the second quarter of last year to $283,655.
The year-on-year drop in profit is explained by massive expenditure on ongoing upgrades being made to the port.
PAS chairman and CEO Lou Kim Chhun told The Post on Wednesday that the volume of goods through the port steadily increased in the second quarter, with container throughput increasing by about 22 per cent year-on-year by weight and 15.5 per cent year-on-year by volume.
“I expect that Sihanoukville’s port will continue to improve, as currently we are also looking to expand the container terminal and equip more machinery to respond to this situation,” he said.
Kim Chhun said the port is currently facing congestion following recent flooding in the coastal city.
“Container storage at the port, which normally lasts five days, has now gone up to eight days, leaving the port filled with containers,” he said.
While the PAS currently has a water depth of 11.5m and a length of 450m, Kim Chhun said the port is slated to expand another 14.5m in water depth and 350m in length. Construction will begin by the end of next year and is scheduled to be finished by mid-2024.
“This expansion will make Cambodia’s competitiveness and maritime shipping capabilities more exceptional and transport costs will be brought down,” he said.
PAS shares on the CSX closed at 14,800 riel ($3.63) on Wednesday, down 100 riel from Tuesday.