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CSX companies report strong growth in Q1

May 28, 2019  |  Source: Khmer Times

Sihanoukville Autonomous Port, Cambodia’s only deep-sea port, saw total revenue rise by more than 17 percent in Q1.

Three of the five companies publicly listed in Cambodia reported significant growth during the first quarter of the year.

Grand Twins International, Phnom Penh Autonomous Port, and Sihanoukville Autonomous Port, all listed at the Cambodia Securities Exchange, reported a strong business performance from January to March, according to CSX's latest report.

Taiwan-owned garment factory GTI saw total revenue reach $36.7 million, an increase of 58 percent compared to the same quarter last year. The company, however, experienced a decline in net profit, which was only $172,329, a decrease of 82.8 percent.

"The increase in revenue was the result of an increase in orders from customers. The decrease in net profit of 82.8 percent was due to greater transportation costs, with the company conducting various shipments by air during the quarter," the report reads.

State-owned PPAP reported a rise in total revenue of 25.8 percent, reaching $5.9 million. Net profit increased by a whopping 218.3 percent, surpassing $3.5 million.

The increase in revenue, operating profit, and net profit was due to a larger container throughput, as well as higher rental and interest incomes, the company reported.

Total revenue in Sihanoukville Autonomous Port (PAS) rose by 17.4 percent, reaching $17.4 million, while net profit soared by 190.2 percent to exceed $2 million.

"The increase in revenue was the result of a rise in container traffic. The increase in net profit was due to a decrease in foreign exchange losses," it said.

Kim Sophanita, director of CSX's market operations department, said the positive financial results is proof that interest in the local bourse is on the rise.

"The sharp increase in revenue will make shareholders happy as they can expect to enjoy more dividends at the end of the year. We also think that the positive results will attract more investors," she said.

Trade volume at CSX reached its highest point yet earlier this month. On May 21, nearly 10 million shares, worth a combined $30 million, were exchanged.