Logo of Phnom Penh Post newspaper Phnom Penh Post - Water supplier blames losses on forex rates

Water supplier blames losses on forex rates

An employee at the headquarters of the Cambodian Securities Exchange in Phnom Penh in 2014.
An employee at the headquarters of the Cambodian Securities Exchange in Phnom Penh in 2014. Hong Menea

Water supplier blames losses on forex rates

Listed utility Phnom Penh Water Supply Authority (PPWSA) said in a filing to the Cambodian Securities Exchange (CSX) yesterday that a sharp decline in net profit during the first three months of the year was the result of exchange rate fluctuations.

Total revenue during the first three months of 2016 was more than $12.9 million, a decrease by $3.4 million, or 20.9 per cent, compared to the same period last year.

Net profit declined to about $1.8 million during the first quarter, down more than $3.4 million, or 65 per cent, compared to the same period in 2015.

The firm attributed the sharp drop to the “loss of exchange rate on loans in foreign currency.”

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio