Thailand
Cambodia: PAS Q4 revenue down 12% at 77.01B riels
State-owned Sihanoukville Autonomous Port (PAS) announced that its total revenue for the fourth quarter decreased 12.16 percent to 77.01 billion riels when compared with revenue of 87.67 billion riels for the same quarter in 2021.
The public listed company said it posted a loss of 14 billion riels for the quarter as against a profit of 24.50 billion riels for the comparable quarter in 2021.
“With the solid support of the Royal Government as well as the two ministries in charge, PAS has continued an immense evolution to serve its business activities with an earned revenue of 77,012,838,000 riels and a net loss of 14,005,081,000 riels in this fourth quarter 2022,” Lou Kim Chhun, chairman and CEO, PAS, said in a statement.
The company said there was a decrease in container cargo and cargo throughput. Besides, there was an increase in unrealised foreign exchange loss from the Japanese yen at 356.66 percent which led to an increase in net loss after tax compared to the fourth quarter of 2021.
PAS’s losses per share for the quarter are at 163.28 riels. Furthermore, the container throughputs amounted to 159,104 TEUs, a decrease of 26,704 TEUs when compared with the last quarter in 2021.
Meanwhile, for the twelve months period that ended on 31st December 2022, the total revenue increased by 0.41 percent to 343.74 billion riels.
The net profit, however, decreased 10.19 percent to 84.155 riels.
“The revenue decreased by 10,664,143,000 riels equal to 12.16% compared to the same period of 2021. This was due to the decrease in container cargoes and cargo throughput, likewise, there was an increase of unrealized foreign exchange loss from the Japanese Yen 356.66% which led to the increase in net loss after tax compared to the fourth quarter of 2021.
As the result, PAS’s losses per share are 163.28 riels in the fourth 2022. Furthermore, the container throughputs amounted to 159,104 TEUs, a decrease of 26,704 TEUs equal to 14.37% compared to the fourth quarter in 2021,” Chhun said.
As future guidance, PAS said it strengthened the work efficiency and built additional infrastructure to meet the increasing demand of customers and the growing economy.
“With the increasing volumes of cargoes and containers throughput, PAS has renovated the new wharf (constructed in 1969, 350m in length) to become an additional container terminal with 243m in length, which currently has only two terminals. In addition, PAS has been implementing the construction of a new Container Terminal (Phase 1) with 350m in length by 14.5m depth, including the installation of 3 units of QCs, 9 units of RTGs, 2 units of Empty Reach Stackers, and 16 units of container trucks, and 1 set of Auto container terminal management system,” the CEO pointed out.
He said the new Container Terminal would allow larger container vessels in the region to call to PAS which would solve the water depth constraints for the port.
“Also, the Ocean Freight Cost would be similar to neighbouring countries and the region which would contribute to trade facilitation and the development of Cambodian socio-economy. The project is expected to be completed by mid-2025, and container handling capacity will reach 1,150,000 TEUs in 1 year when this new container terminal is launched for operation in the upcoming year of 2025,” he said.
On the Cambodia Stock Exchange, PAS dropped 20 riels to close at 14,040 riels yesterday.
Source: https://www.khmertimeskh.com/501250926/pas-q4-revenue-down-12-at-77-01b-riels/