GTI profits falter in Q3, poised for yearly gains
GTI profits falter in Q3, poised for yearly gains
Despite posting healthy profits in the second quarter, Grand Twins International, Cambodia’s only garment company to list on the stock market, posted a drop in revenues and profits for the July to September period, according to a company report.
Grand Twins International’s (GTI) third-quarter report, released on Friday, shows that the garment manufacturer saw a 16 per cent dip in revenues, falling to $9.19 million from $10.9 million for the same period in 2014.
Profits after tax also eased off for the quarter, clocking in at a little over $400,000, down 22.3 per cent compared to the same quarter in 2014.
Despite falling revenues in the second quarter as well, the company was still able to increase profits 124 per cent on the back of improved efficiency that reduced costs and upped worker productivity, according to a company spokesman who spoke to the Post in September.
The company could not be reached for comment yesterday.
However, for the first nine months of 2015, the company posted $4.7 million profit after tax, up 92 per cent from the $2.4 million reported in 2014. Revenues were at $38.3 million, down from the $43.3 million reported in 2014.
Lower profits in the third quarter of 2015 brought down the earnings per share to $0.01, from $0.02 in 2014, with earnings per share for the year so far standing at $0.12, up from $0.07 per share in 2014.
As of Friday’s closing bell, the garment manufacturer’s share price on the Cambodia Securities Exchange was $0.99, down $0.02 from Thursday’s trading.
