(Alliance News) - Myanmar Strategic Holdings Ltd on Tuesday said its revenue multiplied in its most recently ended financial year, but loss widened amid higher costs.
The guarding, protective, transportation, and training services provider said its loss widened in the year to the end of March to USD2.6 million from USD2.1 million reported a year prior, due to an increase in expenses to USD2.9 million from USD1.5 million.
Myanmar also noted that its employee benefit costs grew to USD3.9 million from USD1.2 million the year prior.
More positively, the company said its revenue jumped to USD4.4 million from just USD791,870 reported a year earlier, thanks to the acquisition of EXERA in May 2018. EXERA, which provides integrated security and risk management services, was purchased for USD2.2 million.
"I am very pleased to announce the company's full year results, which represent a truly transformational period of growth for the overall business," said Chief Executive Enrico Cesenni.
"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," added Cesenni.
Myanmar Strategic shares were untraded on Tuesday in London, last closing at USD10.25 each.