DBDE extends losses in 3Q, gross loans up

DBDE remains in the red after suffering net losses in the second quarter for the financial year ending Dec 31, 2022
Workers work on a real estate project in Phnom Penh. Kiripost/stringer
Workers work on a real estate project in Phnom Penh. Kiripost/stringer

Growth Board-listed engineering and construction firm DBD Engineering Plc (DBDE) reported a net loss of $399,779 in its third quarter ended Sept 30, 2022 (3Q22) compared to $164,857 net profit in the corresponding period last year.

Revenue fell nearly 30 percent year-on-year to $3.3 million from $4.7 million, according to its filing with Cambodia Securities Exchange on Friday.

For the cumulative nine-month period, net loss expanded to $937,111 from $17,014 net loss from a year ago, whereas revenue slipped 21.8 percent to $10.2 million as opposed to $13.1 million last year.

DBDE said the decrease in operating profit was due to an “increase in gross loss” at 95.69 percent while the net loss was attributed to a “decrease in loss before tax at 277 percent”.

The Phnom Penh-based company was the first of two companies to be listed on the smaller board on Sept 6, 2021, raising $3.8 million to expand operations. It is involved in construction as well installation and maintenance services for buildings.

The counter closed up 0.42 percent at 2,400 riel with 6,098 shares traded for a market capitalisation of $3.7 million.