Yoma Strategic sinks deeper into the red with US$60.5m full-year net loss

MYANMAR-FOCUSED Yoma Strategic Holdings' full-year net loss has widened to US$60.5 million, from US$36.9 million a year ago.

This comes amid a higher share of losses of joint ventures, an increase in the cost of sales, administrative expenses, as well as income tax expenses, showed results released by the mainboard-listed group on Saturday.

Yoma Strategic has businesses in real estate, food and beverage, automotive, financial services, as well as investments.

Loss per share stood at 2.01 US cents for the six-month period ended Sept 30, 2020, compared with loss per share of 3.06 US cents a year ago. The group had in February announced a change of its financial year-end from March 31 to Sept 30.

Revenue for the full year rose 13.6 per cent to US$103.4 million, from US$91 million a year ago.

Revenue generated from the real estate development segment, which accounted for 30.7 per cent of total revenue, increased more than 90 per cent to US$31.7 million for the 12 months ended Sept 30, 2020, from US$16.2 million a year ago.

The group also recorded higher revenue for its consumer segment, financial services arm as well as its automotive and heavy equipment segment, but saw drops in its real estate services and investments arm.

No dividend was declared for the period, unchanged from a year ago.

It said: "With the easing of the Covid-19 measures and the successful conclusion to the election, the group is cautiously optimistic on the outlook for Myanmar's economy.

"The government is expected to focus on various growth initiatives and attracting foreign investment during its next five-year term. Furthermore, the impact of the Covid-19 response is expected to provide the catalyst for a more rapid pace of economic transformation, which bodes well for the group's businesses."