MYANMAR. Singapore Myanmar Investco Limited (SMI) has reported a 2.6% year-on-year decrease in revenue in the full year ended 31 March 2019, to US$23.37 million.
The company manages duty free and food & beverage outlets at Yangon Airport’s international terminal.
Retail sales increased 10.2%, to US$16.2 million, with a managed sell-in impacting the results.
Revenue from the company’s food & beverage business was up 74.3%, with an increase of US$0.8 million to US$1.8 million. This was due to full year revenue contribution from a subsidiary for the F&B franchise business, SMI said.
The Group achieved an improved US$1.6 million recurring EBITDA for FY2019 (from US$0.1 million in FY2018), which was mainly contributed by the retail operations.
Fourth quarter reported revenue for the group came to US$5.77 million, a 5% (or US$0.3 million) increase from the third quarter. This was largely attributable to increased retail sales and usage fees charged, SMI noted.
