Logo of Phnom Penh Post newspaper Phnom Penh Post - Spirits up despite revenue fall at SEZ

Spirits up despite revenue fall at SEZ

Spirits up despite revenue fall at SEZ

The capital’s exchange-listed special economic zone (SEZ) announced a more than 18 percent decline in revenue for the first quarter of 2018, citing decreasing land sales as a contributing factor.

According to a filing to the Kingdom’s stock exchange, Phnom Penh SEZ generated $1.17 million in the first quarter, down from $1.34 million in the same period last year.

The company remained optimistic about the rest of the financial year, however.

Lim Chhiv Ho, chairman of the entity, said that “2018 will be another competition year. We are on the final step of some agreements that will be reached during this year.”

The company has long relied on land sales at its Phnom Penh industrial park to ensure overall fiscal viability.

The company is now struggling to increase its revenue from sources other than land sales from 20 percent to 50 percent by 2020.

The revenue from selling land in the first quarter of this year was $192,347 compared to $675,405 last year, according to the report.

The Phnom Penh SEZ Plc group’s overall revenue has fallen every year since 2014, when it posted revenue of more than $20 million. That amount fell to $16.4 million in 2015, $9.2 million in 2016 and $8.8 million in 2017.

The Phnom Penh SEZ Plc is currently developing an SEZ in Poipet, established in late 2016 with an initial investment of $10 million on 66 hectares of land near the Thai border.

Sitting just 8 kilometres east of Poipet’s city centre and around 250 kilometres from the popular Thai sea port of Laem Chabang, the park aims to attract electronic, garment, automobile and plastic industry players seeking easy access to major cities in the region.

MOST VIEWED

  • ‘Pesticide-laden cucumbers’ kill two, poison 150 in Banteay Meanchey

    At least two youths have died and 243 others are being treated for vomiting, diarrhoea, breathing difficulties, dizziness and muscle weakness after they ate cucumbers suspected to consist of pesticides. The incident happened on Saturday, said Banteay Meanchey provincial police chief Ath Khem. He told The

  • Three dead, 13 injured in collapse at Siem Reap pagoda

    At least three people were killed and more than 10 others injured on Monday after a dining hall under construction collapsed at Prasat Kokchak pagoda in Kokchak commune, Siem Reap province. Provincial police chief Tith Narong said Military Police, soldiers and local volunteers had successfully recovered 16

  • China Unicom enters Cambodia

    China Unicom, the country’s largest telecoms operator, has expanded into Cambodia to build optical telecommunication pathways in the Kingdom as part of the Belt and Road Initiative (BRI). The Hong Kong-listed company officially opened its China Unicom (Cambodia) subsidiary on Monday to become the

  • PP-SHV Expressway on track for completion in early 2023

    The construction of the $1.9 billion Phnom Penh-Sihanoukville Expressway, which broke ground at the end of March, is on track to be completed by early 2023, Ministry of Public Works and Transport spokesman Vasim Sorya said on Monday. The 190km high-speed highway linking the capital to the

  • Dealer charged with artefact smuggling

    Antiquities dealer Douglas Latchford has been charged by the Southern District of New York with several counts of smuggling looted Cambodian artefacts. US attorney for the Southern District of New York Geoffey Berman and special agent in charge of the New York field office of

  • Kingdom’s domestic milk still cannot compete with imports

    Price competition and a lack of confidence by consumers are the main reasons the dairy market cannot compete with imports, said domestic milk producers. The large displays of imported fresh milk at the Kingdom’s supermarkets present a cumbersome obstacle for local producers, they said.