26th Nov 2018 18:23
LONDON (Alliance News) - Myanmar Investments International Ltd on Monday reported a flat interim loss as the AIM-listed investment company increased its net assets slightly.
For the six months to September 30, the company posted a pretax loss of USD1.4 million, flat on the year before.
Myanmar Investment's net assets increased 1.6% to USD32.0 million from USD31.5 million the year before.
"In the light of a difficult market for raising new funds, the board has taken prudent measures to ensure that the company has enough cash to meets its operating overheads and investment needs for the next 24 months. Although the results at September 30 show improved cost control, the full impact of the reduction in overheads will only be seen by March 2019," said Managing Director Craig Martin.
Myanmar Investments currently invests in three companies: Apollo Towers Holdings Ltd, Myanmar Finance International Ltd and Medicare International Health & Beauty.
"Each of the existing investments are growing in their segments and making a positive impact to the economy and the communities in which they operate. Within the next 24 months or so we anticipate that the investment in the telecom tower sector may become ripe for a potential liquidity event, which could provide the opportunity for the first realisation and a distribution."
At September 30, the company had cash resources of about USD4.7 million, down from USD8.3 million the year before.
Myanmar Investments said it "has taken steps" to reduce its operational overheads.
Martin added: "We will seek to make further efforts to protect the downside in the portfolio, enhance options for upside and maintain a strict and stringent focus on operational overheads."
Shares in Myanmar Investments International closed down 5.3% at USD0.90 each.
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