Phnom Penh Autonomous Port (PPAP) continues to experience a contraction in revenue in April this year, falling 16 percent to $2.5 million from $3.04 million a year ago after a dismal performance in the first quarter ended March 31.
Its filing with Cambodia Securities Exchange (CSX) revealed that income from port operations dropped 20 percent to $2.02 million from $2.5 million last year, as well as a slump of 65 percent in “other services” at $10,830 compared to $31,290 in 2022.
According to PPAP, other services denote revenue from dredging services, sand management, surveying and buoy installation, container maintenance and repairs, and rental from land and buildings.
For the first four months ended April 30, 2023 (4M23), revenue was down 14 percent at $10.8 million versus $12.5 million in the corresponding period last year.
Recall that PPAP experienced a 13 percent year-on-year (YOY) decline in revenue to $8.2 million in the first quarter ended March 30, from $9.5 million in 2022.
Quarterly port operations fell 25 percent to $5.9 million, while fees from port authority services increased 15 percent YOY to $1.2 million.
The port’s other income, such as rental and interest income from deposits and leases, recorded a 25 percent gain at $700,242, whereas other services surged 874 percent to $471,100 from $48,387 in the first quarter of 2022.
At the time of press, PPAP was trading 0.97 percent lower at 14,300 riel, with 472 shares transacted for a full market capitalisation of 295.8 billion riel ($71.8 million).