18th Dec 2019 11:51
(Alliance News) - Myanmar Strategic Holdings Ltd said Wednesday its revenue rose due to acquisitions but its loss widened during the first half of its financial year, noting the results reflect its continued commitment to growth Myanmar.
The developer and manager of consumer businesses said that for six months ended September 30, revenue increased 40% to USD2.6 million from USD1.8 million in the comparable period a year ago.
The increase in revenue was a result of the acquisition of EXERA, which provides integrated security and risk management services, at the end of May 2018.
Also, the higher fees generated by the Education businesses under management, following the expansion of Wall Street English, and the launch of its first international school Yangon American contributed to revenue growth.
Myanmar Strategic said its interim loss before tax widened to USD1.7 million from USD920,051 a year prior.
The company said it was primarily due to the USD800,000 pre-opening operating loss of Yangon American hurting the Education division, and a "subdued tourism market" hurting the hospitality division.
Chief Executive Officer Enrico Cesenni said: "The board is confident that the company's consumer-focused businesses are well positioned both to contribute to, and also benefit from, the favourable outlook for economic growth in Myanmar, and we look forward to updating shareholders on our progress in due course."
Back in September the company had said it was planning the opening of a fourth Wall Street English language centre in Myanmar by January 2020. The new centre will be in central Mandalay, Myanmar's second-largest city, with capacity for 800 students.
Myanmar Strategic shares were untraded at USD10.25 in London on Wednesday.
By Loreta Juodagalvyte; [email protected]
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