Listed industrial park struggles to sell plots
Phnom Penh SEZ posted a 42.5 percent decline in consolidated revenue for 2016, which led to a sharp 65 percent decrease in net profit, according to its annual report released on the Cambodia Securities Exchange (CSX) yesterday.
The company generated $9.4 million last year, compared to $16.4 million in 2015. Meanwhile, net profit reached only $1.4 million in 2016, compared to $4.1 million during the same period a year earlier.
The bulk of this loss was attributable to a decline in sales of industrial plots in its flagship 357-hectare special economic zone. In 2016, the company managed to sell only seven hectares, compared to 28 hectares in 2015.
The stock, which trades as PPSP, closed down 80 riel at 2,700 riel yesterday amid low-volume trading.