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PPWSA posts its Q2 profits

PPWSA posts its Q2 profits

Phnom Penh Water Supply Authority (PPWSA) earnings recovered slightly during the second quarter of the year off the back of increased public water usage, officials said.

In a filing to the Cambodia Stock Exchange last week, the PPWSA posted $2.7 million in profits for the second quarter, up 30 per cent from the same period last year. It comes after the water authority recorded a disappointing 62 per cent fall in profits between January and March this year.

“There was much higher water consumption in both households and private enterprises during the second quarter,” Ros Kimleang, chief of PPWSA’s accounting and financial department said.

PPWSA, which supplies water to more than 270,000 households and businesses in Phnom Penh and Takhmao town in Kandal, forecast earnings to reach $3 million by the end of September.

Despite the state-owned firm’s positive financial results, PPWSA stock remained stable at 4,500 Cambodia riel per share.

“The fluctuation of the company’s profits so far have had limited impact on our share price. The market is small and no large investors have entered the market thus far,” he said.

Kuy Vat, chairman of Phnom Penh Securities (PPS), said that while the stock market has just two companies listed – garment maker Grand Twins International is the other – he does not expect investors to react earnings statements.

“It needs time and more companies on the market. Then buyers will be more curious about each company’s performance and hopefully then the market will be more active,” Vat said.

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