Sihanoukville Port Q3 Results Delayed to Dec 5 This Year

The release of the quarterly results has been bogged down by a software upgrade and the board’s busy schedule. However, delays in financial statement disclosures are not uncommon to the port operator
Sihanoukville Autonomous Port (PAS)
Sihanoukville Autonomous Port (PAS)

An upgrade in Cambodia’s only deep-sea port Sihanoukville Autonomous Port (PAS)’s accounting system and the board’s busy schedule have resulted in the delay of its third quarterly earnings report for the period ended Sept 30, 2022.

The release of the report has now been extended to Dec 5, 2022, PAS said in a filing with Cambodia Securities Exchange (CSX) on Monday.

According to CSX listing and disclosure rules, listed companies are required to disclose their quarterly and half-yearly reports within 45 days of the end of the period to the Securities and Exchange Regulator of Cambodia, respectively. But, a check on the exchange revealed that PAS often delays its earnings report disclosure.

This time, PAS acknowledged that the accounting system, which is being upgraded to Dynamics 365 Business Central from Microsoft Dynamics NAV 2017, is happening in the report preparation time.

“Moreover, the busy schedule of PAS’ board of directors [has] led to the [deferment] of the board meeting to Nov 25, 2022. Thus, the report of the third quarterly [report] 2022 will be delayed,” it told investors and the public.

In its second quarter ended June 30, 2022, increase in container throughput and forex gains pushed net profit up more than three times to 44.9 trillion riel ($10.8 million) from 14.1 trillion riel ($3.4 million) in the corresponding period a year ago.

Quarterly revenue rose 6.2 percent to 91.2 trillion riel (around $22 million) compared to 85.9 trillion riel ($20.7 million) in 2021, with nearly 49 percent contributed by cargo handling charges.

PAS chairman and CEO Lou Kim Chhun said up to 201,434 TEUs (twenty-foot equivalent units) container throughputs were recorded in the period, which was 10.7 percent more than the same quarter in 2021.