YOMA Strategic : Z59 0%’s net loss has widened to US$32.7 million for the second half-year ended Mar 31, 2023, from US$14.8 million the previous year.

This comes amid deeper net fair value losses and impairment losses for its mixed-use development, Yoma Central, which is still under construction. Higher interest expenses at Yoma Central, rising US dollar Libor rates and currency translation losses on its baht-denominated bonds also added to finance costs.

The results translate to a loss per share (LPS) of US$0.0147 for the same period, compared with LPS of US$0.0067.

Myanmar-focused Yoma Strategic has businesses in real estate, food and beverage, automotive, financial services, as well as investment.

Revenue for H2 rose 126.1 per cent year on year to US$82.7 million, from US$36.6 million. This was mainly due to record home sales, food and beverage sales, and the completion of the Wave Money acquisition.

Wave Money, which comes under the group’s financial service segment, became a subsidiary of the group in December 2022. It contributed US$19.7 million towards the group’s revenue from December 2022 to March 2023.

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No dividend was declared for the period, unchanged from the previous year.

For the full year ended March, net loss was US$41.2 million, while revenue was US$123.6 million.

While the business environment in Myanmar has experienced gradual growth over the past quarters, the group noted that challenges such as regulatory changes, US dollar availability, inflationary pressures and persistent electricity outages, remain.

“The group remains cautiously optimistic about its business prospects in the next six to 12 months and will focus on continuing to improve profitability and cash flow across all businesses, with an emphasis on sustaining growth in its real estate and mobile financial services businesses,” it added.

Shares of Yoma Strategic closed down 1 per cent or S$0.001 at S$0.097 on Wednesday.