MYANMAR. Singapore Myanmar Investco Limited (SMI) today reported a +3% year-on-year increase in annual revenues (to 31 March), with the figure hitting US$23.99 million. The company manages duty free and food & beverage outlets at Yangon Airport’s international terminal.
Within the overall numbers, the travel and fashion retail division reached US$14.86 million in revenues, a rise of +10% compared to the previous year’s (restated) figure. Profits from the retail arm grew by +14.4%, said SMI.
SMI runs not only the Yangon Airport duty free and F&B business but also domestic retail and F&B as well as vehicle and limousine services under the Europcar franchise.
Looking ahead, the company said it expects its Yangon Airport Terminal 1 duty free and F&B units to benefit from increased passenger numbers with the planned closure of Terminal 2 in Q3 2018.
