Thailand
Cambodia: Garment manufacturer releases ‘dismal’ report
Cambodia’s only bourse-listed garment manufacturer, Grand Twins International (Cambodia) Plc (GTI), released a first quarter disclosure after market close on Monday, after a lengthy delay blamed on April’s lockdowns.
Pre-tax profit for the firm fell by 49.77 percent over the same period last year to $97,646.
Revenue increased by 6.73 percent to $32.731 million, which was offset by a $2.303 million increase in the cost of sales.
“The decrease in operating profit (37.27 percent) and the decrease in net profit of 50 percent were due to an increase in raw material prices,” GTI said in its filing to the Cambodia Securities Exchange (CSX).
Materials accounted for 74 percent of the total cost of sales, amounting to more than $23.273 million – an increase of $2.611 million over the same period last year.
Cost for labour increased by 6.96 percent to $2.104 million. Other overheads fell by $137,038 to $5.773 million.
The firm’s total assets decreased by 2.81 percent to $85.425 million as property, plant and equipment depreciated and receivables and cash decreased.
Earnings per share fell by half from $0.004 to $0.002 over the same period last year.
Shares of GTI traded well during the first quarter, registering an 80 riel per share increase by the end of Q12021 and increasing its market capitalisation by more than $783,000 to approximately $32.117 million.
GTI kicked off the new year trading at 3,200 riels per share and reached a Q1 high of 3,550 riels a share on Jan 18. It paid out 50 riels per share in dividends, amounting to $500,000 for shareholders, in February.
Yesterday. GTI announced that it had resumed operations on June 24 after a three week production hiatus following the positive Covid-19 diagnosis of 200 workers.
In a statement, the firm said that the suspension would have a “significant impact” on the company’s abilities to meet orders and revenues.
Shares of GTI held steady at 4,100 riels per share at the close of yesterday’s CSX session.
Source: https://www.khmertimeskh.com/50883983/garment-manufacturer-releases-dismal-report/