Pestech Posts Net Loss, Lower Revenue in Q2’23

Public-listed Pestech records losses in the second quarter, after slipping into the red in the first quarter this financial year ending June 30, 2024
Electric poles along a street in Phnom Penh. Kiripost/Siv Channa
Electric poles along a street in Phnom Penh. Kiripost/Siv Channa

Malaysian-owned Pestech (Cambodia) Plc slid into the red in the second quarter ended December 31, 2022, continuing its losses from the previous quarter, its filing with Cambodia Securities Exchange showed.

The electrical substation and transmission lines builder posted a net loss of $557,000 compared to $161,000 net profit a year ago while revenue fell 67.6 percent year-on-year to $4.6 million.

According to Pestech, a wholly-owned subsidiary of Kuala Lumpur-listed Pestech International Berhad, the quarterly revenue reflected the execution progress of various projects in Cambodia.

“Lower revenue in the current quarter under review was mainly due to the completion of [the] Bavet project in January 2022, the progress of East Siem Reap project which has been progressing to the tail end of the project cycle as well as lower progress of Laos Border project compared to preceding year corresponding quarter,” it added.

For the six months cumulative period ended December 31, 2022, Pestech registered a net loss of $1.9 million versus $1.3 million net profit in the corresponding period in 2021.

Half year revenue dropped 61.2 percent to $12.6 million from $32.5 million from a year ago.

As of its financial year June 30, 2022, Pestech possessed total assets of 1.2 trillion riel ($295.3 million), representing 3.03 percent from its previous financial year.

At the time of writing, the counter remained unchanged at 3,160 riel for a full market capitalisation of 236.8 billion riel (approximately $58.2 million).