Public-listed power technology provider PESTECH (Cambodia) Plc reported a sharp year-on-year decrease in revenue among itself and its subsidiaries for the three-month period ended December 31, which corresponds to the second quarter of its 2023 fiscal year.
According to the Malaysian-owned company’s February 14 financial report filed to the Cambodia Securities Exchange (CSX), revenue for the October-December period was recorded at $4.630 million, or 19.106 billion riel, representing a year-on-year decrease of more than two-thirds from $14.311 million (58.274 billion riel).
“The changes in revenue reflected the execution progress of various projects in Cambodia,” said the report, which was signed by chairman Paul Lim Pay Chuan.
“Lower revenue in the current quarter under review was mainly due to 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 said.
Operating profit for the quarter was put down as $1.205 million (4.973 billion riel), marking a more than 19 per cent year-on-year drop from $1.491 million (6.072 billion riel).
The company reported loss-after-tax at $0.557 million (2.297 billion riel), compared to a $0.161 million (0.656 billion riel) profit-after-tax in the corresponding quarter a year earlier.
“The company has committed to purchase a 10-year political risk insurance for the construction of the 230kV Stung Tatay Hydro Power Plant-Phnom Penh Transmission System Project for a total amount of $4,968,600 to secure the borrowing facility.
“As at 31 December 2022, the insurance premium payable is $1,928,970 – 30 June 2022: $2,081,427.
“[At the same time], the company has committed to purchase a seven-year political risk insurance for the construction of the 230kV and 500kV double circuit transmission line from Phnom Penh to Sihanoukville for a total amount of $3,222,125 to secure the borrowing facility.
“As at 31 December 2022, the insurance premium payable is $1,684,052 – 30 June 2022: $1,826,646.
“PESTECH Cambodia was incorporated on 5 February 2010 as a single member private company and was a 100 per cent owned subsidiary of PESTECH International Berhad from Malaysia.
“On 12 August, 2020, the company was successfully listed on [CSX, issuing] 3,945,000 shares with a par value of [$0.10] per share, at an offering price of [$0.76] per share. Upon completion of listing, PESTECH International Berhad owned 94.74 per cent [of the] share[s] of the company,” the report said.