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Cambodia: Phnom Penh port’s revenue up 14 percent
Following robust growth in cargo shipments, total revenue for state-owned Phnom Penh Autonomous Port (PPAP), the second largest harbor in Cambodia, increased by 14 percent in 2017, according to the Ministry of Public Works and Transport.
PPAP’s revenue reached $18.77 million last year, a marked increase compared to 2016, when it was just $16.5 million.
Revenue growth last year was primarily the result of a significant hike in the number of containers handled at the port, with 2.75 million tonnes of cargo passing through the port, 14 percent more than the year before.
The number of containers rose by 22 percent, with 184,805 twenty-foot equivalent units (TEUs) transported through the port in 2017.
PPAP’s net profit rose by 22.5 percent during the same period, reaching $4.9 million.
“Revenue increase is a solid intuitive sign of improved business performance,” said Soleil Lamun, director of market operations at the Cambodia Securities Exchange (CSX).
“But the question remains: will this positive economic performance translate into a higher price at the stock market, and, if so, by how much?”
“It actually depends on a variety of factors, including the number of short and long-term investors, market liquidity, the analysis capacity of investors and their common views regarding the future of the company,” Mr Lamun said.
Earlier last year, the company signed a land leasing agreement with Yunnan Sengmao Investment to build a construction supply centre on the outskirts of Phnom Penh.
Under the deal, the Chinese firm will spend $60 million to build the aptly named “Construction Material Supplies Center” on 9.3 hectares of land in Russey Keo district.
Yesterday, PPAP’s share price closed at 5,140 riel ($1.28), the same closing price than Friday.
Source: http://www.khmertimeskh.com/50102226/phnom-penh-ports-revenue-up-14-percent/