GTI's revenue falls 15% in 1Q20 due to COVID-19

Listed garment manufacturer Grand Twins International (Cambodia) Plc (GTI) reported a sharp decline in revenue in 1Q20, citing COVID-19-induced disruptions to their exports and supply chain. The company earned $30.37mn between Jan and Mar, down 15% YoY. However, according to CSX vice-chairman Ha Jong-Weon the company manged to make it out with just 10% drop in net profit. Garment Manufacturers Association in Cambodia data show that 450 garment and footwear factories in Cambodia suspended work while 83 factories closed in the first half of the year. This has affected about 150,000 workers. (Source: Phnom Penh Post)