SINGAPORE/MYANMAR. Investment and management company Singapore Myanmar Investco (SMI) has reported a small pre-tax profit of US$72,000 for the second quarter to 30 September, reversing losses on the back of a strong performance from its duty free and other retail activities.
For the same period last year, the group – which seeks to capitalise on consumer spending, international tourism and infrastructure investment focused on the high-growth emerging economy of Myanmar – reported a pre-tax loss of US$1.4 million.
SMI’s activities cover travel & fashion retail, food & beverage, auto services, construction services and logistics/supply chain.
For the quarter to September 2018, the group reported revenue of US$7.3 million, a significant increase of US$1.7 million or +30.1% from the corresponding period last year. It is also a hefty increase of US$2.5 million or 51.5% as compared to the first quarter.
This was mainly attributable to SMI’s higher sales from duty free, fashion retail and downtown retail.
The group reported gross profit of US$2 million, an increase of US$700,000 from the corresponding period. Gross margin increased from 22.5% to 27.6%, mainly attributable to healthy margins in retail.
Overall revenue from SMI’s F&B business increased +11%, quarter-on-quarter, to US$424,000 and up from the first quarter’s US$382,000.
SMI said that its outlook remains positive, despite some political and economic headwinds and that the group’s companies remain well positioned.
