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Revenue rises at the Autonomous Port

May Kunmakara / Khmer Times Share:

Total revenue for the listed state-owned enterprise Phnom Penh Autonomous Port (PPAP) increased 7.49 percent by the end of December last year, giving it a net value of $16.5 million compared with $15.35 million a year earlier.
“The increase in revenue derived from the volume of containers coming through the ports and the number of ships as well as an increase in other revenue from renting land and interest rate gains,” said Kong Channy, an information officer at the PPAP.
“The company still pays much attention to providing a better service at the port in a transparent and efficient way in response to the needs of customers and to make even more revenue increases,” he added.
Lamun Soleil, the director of the Market Operations Department at the Cambodia Securities Exchange (CSX), said the financial results of the PPAP were a good sign of the company’s business performance during last year.
“In my opinion, revenue growth of 7.49 percent is good. However, most people focus more on growth of the net income, which is the residual from all expenses and which is left for the shareholders. It is 28.18 percent, which is very high,” Mr. Soleil said.    
According to the PPAP’s annual report, net profits increased 28.18 percent to more than $4 million if compared with the same period of 2015. As of December, the PPAP recorded a 3.58 percent increase in cargo shipments to 150,000 TEU and an 8.41 percent increase in tonnage to 2,434,200 tons, according to the PPAP report.
Earlier this year, the PPAP reached a land leasing agreement with Chinese firm Yunnan Sengmao Investment to build a construction supply center on the outskirts of Phnom Penh.
Under the deal, Yunnan Sengmao Investment will spend about $60 million building the aptly named Construction Material Supplies Center on 9.3 hectares of land in Russey Keo district.
Yesterday, the share price of PPAP closed at 5,140 riel ($1.28) per share, which was stagnant from the close on Monday, according to CSX data.

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