Listed utility Phnom Penh Water Supply Authority (PPWSA) said in a filing to the Cambodian Securities Exchange (CSX) yesterday that a sharp decline in net profit during the first three months of the year was the result of exchange rate fluctuations.

Total revenue during the first three months of 2016 was more than $12.9 million, a decrease by $3.4 million, or 20.9 per cent, compared to the same period last year.

Net profit declined to about $1.8 million during the first quarter, down more than $3.4 million, or 65 per cent, compared to the same period in 2015.

The firm attributed the sharp drop to the “loss of exchange rate on loans in foreign currency.”