Public-listed river port operator Phnom Penh Autonomous Port (PPAP) reported a firm business performance in the first eight months of the year despite a regional and global economic slowdown.
In PPAP’s filing with Cambodia Securities Exchange (CSX), cargoes and gas-fuel rose about one per cent to 2.8 million tonnes in the first eight months compared to 1.8 million tonnes.
At the same time, cargo vessels went up 19.2 per cent to 3,085 voyages from to 2,588 voyages, while passenger boats totalled 299 compared to six last year.
The number of passengers arriving at the port rose sharply to 12,090 people from 435 people a year ago.
However, containers fell 10 per cent to 269,010 TEUs (twenty-foot equivalent units) as opposed to 299,379 TEUs in the corresponding period in 2022.
CSX market operations department director Kim Sophanita told The Post that the slow growth in port operations was only short term and did not adversely affect the overall operation of the port.
“I see it as a short-term decline in income only, therefore, investors should monitor the overall operation of the company as a whole as we don’t see any issue.
“Furthermore, the company would also present its plans and expectations in the next quarter or for this year, so we would be able to see better performance,” she said.
She explained that although the regional and global economy is slow, the transport sector has been growing.
According to PPAP’s filing with CSX on July 17, the river port operator reported a 19 per cent drop in revenue in the first half of the year at around $17.9 million compared to $22.3 million in the same period in 2022.
The revenue breakdown showed that port operation income was $13.6 million, down 17 per cent, port authority grew 10 per cent to $2.3 million, revenue from other services was $497,191 (up 175 per cent) and other income totalled $1.6 million (down 56 per cent).