SINGAPORE (May 28): Singapore Myanmar Investco (SMI) saw its full-year losses widen to US$9.8 million ($13.1 million) for the FY18 ended March, some 37.9% higher than losses of US$7.1 million a year ago.

This was mainly due to an impairment allowance of US$4.5 million on the group’s subsidiary, TPR Myanmar, which is currently held for sale.

FY18 revenue grew 3.0% to US$24.0 million, from US$23.3 million a year ago.

This was mainly attributable to the increased sales of luxury and retail businesses and the expansion of the Europcar car fleet.

Gross profit increased by 12.4% to US$5.4 million in FY18, compared to US$4.8 million a year ago, as gross profit margin rose 1.9 percentage points to 22.6%.

This was mainly attributable to favourable sales mix from healthy retail margins and improved gross margins of serviced offices in FY18.

Looking ahead, the group says it plans this year to continue to develop and expand its luxury and retail businesses; vehicle rental and limousine services under the Europcar brand name; and F&B franchise outlets and distribution business.

SMI adds that it expects its Terminal 1 duty-free and F&B shops to benefit from increased passenger numbers, with the closure of Terminal 2 from 3Q18.

Meanwhile, the group will continue to look for buyers for the tower business and hopes to conclude a sale within the next financial year.

Shares of SMI closed 1 cent higher, or up 3.4%, at 30 cents on Monday.

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