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Myanmar Strategic books first-half loss amid subdued tourism market

By BFN News | 01:50 PM | Monday 29 June, 2020


Myanmar consumer business investor Myanmar Strategic booked a first-half loss, owing to red ink at its Yangon American education unit and a subdued tourism market. Pre-tax losses for the six months through March amounted to $1.60m, compared to losses of $1.65m on-year. Revenue rose 8% to $2.8m. Myanmar didn't introduce Covid-19 lockdowns until the end of March, though economic activity had been affected by lockdowns elsewhere, including in China. 'While businesses have inevitably been affected by Covid-19, Myanmar has reacted quickly and firmly to the pandemic, successfully containing any contagion,' chief executive Enrico Cesenni said. 'Our core shareholders remain very supportive and continue to provide funding to the group as demonstrated by the increase of the loan facility announced in March 2020 and the new subscriptions of shares announced in May 2020.' At 1:50pm: (LON:SHWE) Myanmar Strategic Holdings share price was 0p at 10.25p Story provided by StockMarketWire.com

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