State-owned Sihanoukville Autonomous Port (PAS) reported a 12.26 percent increase quarter-on-quarter in revenue during the third quarter of the year, due mostly to high cargo traffic.
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According to a financial report the company filed to the Cambodia Securities Exchange (CSX), the local stock market, on Wednesday, PAS’s total revenue exceeded $15 million during Q3.
“The increase in revenue was a reflection of the company’s good business performance, particularly an increase in the number of cargo shipments and a depreciation of the Japanese yen,” the report said.
PAS joined the Cambodian bourse on June, floating 21.4 million shares – a 25 percent stake in the company – valued at 5,040 riel (or $1.26) per share. The company raised nearly $27 million through its IPO, becoming one of the largest companies listed in the exchange.
Construction of a new container terminal at the port is due to begin early 2019, following a commitment by the Japanese government in August to provide a low-interest $209 million loan. The new terminal is scheduled to be finished by the end of 2022.
Lou Kim Chhun, PAS’s director-general, said the expansion would allow the port to increase its handling capacity, from 450,000 TEU now to 1 million by 2023. The TEU is the industry’s standard reference for cargo volume and vessel capacity and stands for ‘twenty-foot equivalent unit’.
PAS’s shares traded at KHR 4,900 at the close of yesterday’s session, a dip of 0.41 percent compared to Tuesday. 240 PAS shares were traded yesterday.