News dalla rete ITA

2 Luglio 2019



Earnings in FY2019  dropped by almost 42 percent to K14.4 billion for the 12 months ended March 31, 2019 due to a spike in costs incurred to modernise and expand its businesses, FMI nevertheless raked in record revenues of K279.7 billion, which is up 36pc year-on-year. Yoma Bank, its revenue increase by 36.5pc to K254.5 billion due to a rise in interest income from a growing loan book. Meanwhile, Pun Hlaing Siloam Hospitals enjoyed revenue growth of 32.6pc to K24.9 billion, on the back of stronger demand for its ancillary services and an increase in patient volume. However, it continues to see potential for long term growth in finance, healthcare, real estate and tourism, the main sectors in which its businesses are involved. During the year, FMI channeled resources into its real estate arm by expanding City Loft, a new division of modern affordable housing situated next to its Star City development in Thanlyin. Also, Memories Group, its Singapore-listed tourism arm, opened new hotels in Yangon and the Mergui Archipelago. In May 2019, the International Finance Corporation also converted certain portions of its outstanding convertible loans into a 5pc shareholding interest in Yoma Bank. It was the first time a Myanmar bank has received an investment from abroad, and “strengthens our credibility in both the local and international financial markets,” said U Tun Tun. (ICE BANGKOK)

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