Pestech posts ‘slower’ 8% growth in revenue for Q1
Pestech posts ‘slower’ 8% growth in revenue for Q1
Stock-listed power transmission provider Pestech (Cambodia) Plc (PEPC) posted “slower growth” in business performance for the first quarter of the year with total revenue gaining just over eight per cent amidst the economic stress caused by the spread of Covid-19 pandemic.
In its filing to the Cambodia Securities Exchange (CSX) on May 18, the company reported 52.564 billion riel ($12.950 million) in total revenue, representing an increase of 3.901 billion riel or 8.02 per cent as compared to 48.663 billion riel in the same quarter of 2020.
Chairman Paul Lim Pay Chuan noted in the filing that PEPC continued to experience impact from the global pandemic in the first quarter, which he said affected international travel and logistics movements in general, while local offices remained open and site activities persisted amidst sporadic difficulties in logistics and paperwork deliveries.
“The board is closely monitoring the development of the Covid-19 status in Cambodia, and will take pre-emptive measures when necessary to ensure the health and safety of our team members, whilst maintaining our commitment in serving our clients of the Cambodian power infrastructure industry,” Lim said.
CEO Han Fatt Juan said PEPC “intensively performed the work” on the Okvau Gold Mine in Mondulkiri province during the quarter.
He added that the company was actively working on a 20MW photovoltaic solar farm in Svay Rieng province’s Bavet town, with preliminary civil work progressing at a steady pace, and had placed orders in advanced for key materials and components that are to be delivered in the fourth quarter of this year and beyond.
Work on the 130km East Siem Reap-Oddar Meanchey transmission line project is running smoothly, with a number of foundations being built in select locations, he said, adding that transmission towers and power conductors would be installed once materials arrive in the coming quarters.
“We are hopeful to continue the project-execution activities amidst this pandemic-insurgence period, and strive to work with the relevant authorities in ensuring a safe working environment for all our team members,” Han said.
He said PEPC had also been tasked to carry out certain portions of the work on the second phase of the 230kV Phnom Penh City Transmission and Distribution System Expansion Project, which he stressed would be an important power infrastructure project in the heart of the capital.
The project involved the deployment of horizontal directional drilling (HDD) machines, which minimises disruption to vehicular and pedestrian traffic, he said.
