First Myanmar Investment has announced its financial results for the six months ended 30 September 2016. The group’s overall operating performance during the first half year of 2016-2017 was strong, with significant increases in revenue and profit from key subsidiaries, the company reports in a recent press release.
In the half year 2016-17, total Group revenues increased 49.4% to Ks. 74.6 billion from the previous six month period ended 30 September 2015. The increase was primarily due to higher revenues from Yoma Bank, FMI‟s 51%-owned subsidiary. Yoma Bank has continued to outperform, recording consistently strong deposit and loan growth over the past two years.
FMI‟s 60%-owned subsidiary Pun Hlaing Siloam Hospitals also turned in a solid performance, with total revenues increasing 25.1% to Ks. 7.1 billion from HY 2015-2016. In recent months the hospital has seen a strong increase in patient volumes, which underscores its strong and growing brand in the local healthcare market, according to the company.
With the increase in revenue from Yoma Bank and Pun Hlaing Siloam Hospitals, and more streamlined operations, total Group net profit increased 51.9% to Ks. 6.1 billion in the half year 2016-17.
Commenting on the results, FMI‟s Executive Chairman Serge Pun said, “We are very pleased with the financial performance of the Company during the first six months of the fiscal year. The strong performance of Yoma Bank and Pun Hlaing Siloam Hospitals underscores the importance of our „three pillar‟ strategy of investing in the Financial Services, Real Estate and Healthcare sectors. We look forward to continued performance during the latter half of the fiscal year.”
First Myanmar Investment Co., Ltd. (FMI) is one of Myanmar's largest public companies with over 8,000 shareholders and an unbroken track record of profitability and dividend payments since inception in 1992. FMI became the first company to be listed on the Yangon Stock Exchange on 25 March 2016.