Publicly listed river port operator Phnom Penh Autonomous Port (PPAP) recorded strong business performance in the first half of this year despite the impact of Covid-19 on trade and business activities regionally and internationally.
In its filing at the Cambodia Securities Exchange (CSX) on Friday, the PPAP reported first-half revenue of $12.867 million, a 10% gain from $11.692 million in the same period last year. last year.
It also recorded a 14% growth in gross profit from $7.801 million to $8.903 million during the period.
PPAP chief executive Hei Bavy said in June that despite the pandemic’s far-reaching effects on regional and global economies, the port operator has doubled down on its commitment to improving business performance by cutting spending and postponing investment. not urgent.
He said: “In the face of the current situation, with the Covid-19 crisis still raging in Cambodia and large parts of the world, the PPAP remains steadfast in its aim to minimize the impact on our business.
“We have recently launched measures in response, including adjustments to our 2020 business plan, cutting unnecessary expenses, suspending investments that are not currently essential and focusing mainly on important projects to support growth. .”
CSX Vice President Ha Jong-weon told The Post on Sunday that the PPAP growth in the first half reflects improved trade performance due to an increased level of import and export activity. despite Covid-19.
He said: “I am personally optimistic that PPAP’s business will continue to grow under the current situation due to the fact that there are still travel restrictions and Covid-19 continues to spread.
“But people have to make a living and keep doing business. Thus, port activity remains important for reviving economic activity.
“PPAP’s business will be even better in the coming quarters and as a result its share price will rise,” he said.