LONDON (Alliance News) – Myanmar Investments International Ltd reported a loss on December 6, 2013 in its first financial report since listing on AIM in June, citing higher than expected operating costs in its half-yearly report.
The investment company, which focuses on real estate, infrastructure and natural resources, said it made a USD216,718 loss for the period between May 17 and September 30. Myanmar Investments put the loss down to “marginally higher than expected operating costs,” which it blames on the “scarcity of both high quality human resources and office space in Myanmar.”
However, the investment company has a balance sheet, with cash and bank balances adding up to USD5.2 million.
As the company is yet to make its first investment, it has made no revenue since raising USD6.1 million, before expenses, through the issuance of approximately 5.8 million shares at USD1.05 each earlier this year.
Net asset value as at September 30 was USD5.2 million, representing USD0.82 per share, a 3.5% decrease from the net asset value after admission to AIM. The company’s administration costs totalled USD208,033. more…