(Alliance News) - Myanmar Strategic Holdings Ltd on Monday posted improved results for the first half of financial 2020, as it said the Covid-19 pandemic has accelerated its digital transformation and unlocked new revenue streams.
Shares in the Myanmar-focused developer and manager of consumer businesses were untraded on Monday afternoon in London, last quoted at USD10.25 each and down 2.4% from the start of the year.
For the six months ended March 31, Myanmar Strategic posted revenue of USD2.8 million, up 8% from the comparative period a year prior. Its pretax loss narrowed to USD1.6 million from USD1.7 million.
By business, Services contributed 70% of revenue, Education 28%, and Hospitality 2%.
While economic activity in Myanmar began to slow at the end of January due to the early effects of Covid-19, the only division significantly hurt over the six-month period was Hospitality, the company said. Despite the "challenging" business environment and moderate slow-down, Covid-19 has accelerated the digital transformation across all divisions and unlocked new revenue streams such as a fully online product for Wall Street English, it said.
"I am very pleased to report that over the six-month period we have continued to enhance our services and products across all our divisions in Myanmar, as we remain focused on growth and maximising operational efficiency. 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," said Chief Executive Enrico Cesenni.
As at the end of March, Myanmar Strategic had cash of USD238,327.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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