PPAP net profit up 26% in Q1
PPAP net profit up 26% in Q1
Listed port operator Phnom Penh Autonomous Port (PPAP) reported increases in both revenue and net profit during the first quarter of the year, it said in a filing to the Cambodian Securities Exchange (CSX) yesterday.
Total revenue during the first three months of 2016 reached the equivalent of $3.87 million, an increase of $354,000, or 10 per cent, compared to the same period last year. Net profit rose to $901,000 during the first quarter, a 26 per cent year-on-year increase.
Hei Bavy, CEO of PPAP, attributed the positive figures to Cambodia’s robust economic growth, which in turn drives trade and shipping.
“Both the increase in revenue and profits are the result of the Cambodian economy, which is continually growing, and customers supporting our service”, he said, predicting that the port operator would achieve 9-10 per cent annual growth this year.
According to the CSX filing, PPAP’s three main revenue sources were stevedoring, which contributed 39.5 per cent, and LOLO, with 30.4 per cent. The remainder came from overall port operations.
PPAP became the third company to list on the CSX after raising $5.2 million in an initial public offering late last year. The company’s shares closed at 5,460 riel yesterday, up 20 riel in low-volume trading.
