Myanmar Thilawa SEZ Holdings Public Limited (MTSH) made a net profit of K12.9 billion (after subtracting taxes) last 2017-2018 fiscal year, decreasing by over K10 billion compared to 2016-2017 FY, said MTSH chairman Win Aung on August 31.
Last year, the company invested most in Thilawa Property Development (TPD) Co and Myanmar Japan Thilawa Development Co (MJTD). However, profits from those projects decreased.
"The net profit of the company in 2017-2018 was K12.92 billion, whereas that of 2016-2017 FY amounted to K22.317 billion. Although group net profit deceased, TPD profit increased from K8.457 billion in 2016-2017 FY to K9.934 billion in 2017-2018 FY accounting for 17.46 percent," said Win Aung.
He quoted the annual report for 2017-2018 FY as saying such an increase resulted from the opening of Super Hotel, a Japan hotel chain, inn Thilawa SEZ Residential and Commercial Zone.
TPD was able to earn K3.8 billion from Myanmar's slow proper market. Income from MJTD increased by 8 percent, but its rough profit decreased by 2 percent.
MTSH made a profit of K22.3 billion in 2016-2017 FY with an 8 percent increase compared to 2015-2016 FY. A share was worth up to K553. In 2017-2018 FY, net profit before tax payment amounted K12,964 million declining by 43 percent compare to the year before.
The net profit after tax payment was K22,317 million in 2016-2017 FY and K12,921 million in 2017-2018 FY with a 42 percent decrease.
Due to decreased net profit of the company group, profit shares for shareholders reached record low in three years and one profit share would be K230.