Myanmar Strategic Holdings, which operates Wall Street English language schools in Myanmar and Vietnam, Yangon American International School and Auston College Myanmar, has reported a net loss of $2.9 million for the six-month period ending 31 March 2021, compared to a net loss of $1.6 million, for the six-month period ending 31 March 2020.
The loss was blamed on a mix of Covid-19, the military state of emergency in Myanmar, and an increase in amortisation of right-of-use assets arising from the consolidation of Wall Street English Vietnam leases and four new leases entered in respect of the Wall Street English Myanmar language centres.
However, revenues for the six-months ending 31 March 2021 increased 175% year-on-year to $7.6 million, up from 2.8 million for the corresponding period in the prior year
Of the company’s revenue, 65% derived from education and 35% from services. In the corresponding period a year prior, the split was 70% derived from services, 28% from education and 2% from hospitality.
The group stated that the increase in its revenue is due to the consolidation of Wall Street English Vietnam since the completion of its acquisition in July last year, as well as the growth of the Wall Street English Myanmar-owned business following a review and amendment of existing management agreements.
Enrico Cesenni, chief executive of Myanmar Strategic Holdings, said: “Over the six-month financial period ended 31 March 2021, Myanmar Strategic Holdings has continued to grow, notwithstanding the complex social, economic and political environment in both Myanmar and Vietnam. Since its inception, MSH has targeted sectors that positively contribute to the overall development of the countries in which we operate, creating jobs and alleviating poverty. Within these sectors we aim to build businesses that embody the best terms of business, environmental, social and governance practices.”
Date published: 28 July 2021