Phnom Penh SEZ—which trades on the Cambodian Securities Exchange (CSX) as PPSP—released its audited 2015 annual report and 2016 half-year financials yesterday, showing declines in revenue and net profit over the past year and a half due to sluggish land sales.
The company—which operates Phnom Penh’s biggest industrial park—saw revenue fall by nearly 30 percent to $16.4 million in 2015, compared to $23.3 million a year earlier. Much of the loss is attributable to a decline in sales of industrial plots in its 357-hectare SEZ on the outskirts of Phnom Penh. In 2014, the company sold 37 hectares valued at $21 million, while last year it sold only 28 hectares for $13.6 million.
The unaudited statements for the first half of 2016 were also released and showed revenue plunging over 50 percent from the same period in 2015. Land sales nearly dried up, with revenue plummeting from $7.6 million in the first half of 2015 to just $562,000 during the first six months of the present year. Just 4 hectares were sold during this time.
PPSP closed trading yesterday, before the issuance of the finance statements, at 2,640 riel, or $0.64, per share.
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