First Myanmar Investment Public Co Ltd running a lot of businesses including banking services will not give out profit shares this year due to the ongoing economic situations, said company chair Theim Wai. 

The remark was included in the 29th annual general meeting report of the company. 

Despite economic impacts, delays and challenges caused by Covid-19 since April 2020, the company still made some progress. 

“Despite some challenges, our income rose by 7 percent in 2019-2020 fiscal year. Ks317.6 billion was earned in the previous year. But the income increased to Ks340 billion this year. Our net profit amounted to Ks11.73 billion. This year, the net profit was Ks11.7 billion with a slight decrease. Yoma Bank and Pan Hlaing Hospital, major businesses of our conglomerate, managed to raise their income and net profit. This is why we can say the performance and results of our company in a year are encouraging,” the FMI chair said. 

Daily business transactions were delayed during the Covid period forcing employees to get used to working from home. But, social distancing had led to difficulties with business operations, especially dealing with customers. 

“Most customers of our bank had to struggle with paying debts in time due to their difficulties. So, Yoma Bank introduced many programmes and reduced the interest rate of some loans,” Theim Wai said. 

He added that the businesses except hotel and tourism services remained stable in the first four months of the current financial year. 

He,however, pointed out the challenges they had never experienced over the past 28 years. 

The company had to lay off employees and cut salaries while suspending some projects and market promotion plans. 

As there could be more challenges in doing business, the conglomerate is trying to continue to survive with little income for the next twelve months. 

“Based on these points, our board of directors decided not to give profit shares this year after a thorough review of the situation,” Theim Wai said. 

He said he could make predictions at every annual general meeting before a coming financial year over the past 28 years. But now he could not do so this year, he said. 

But Theim Wai promised to try to overcome difficulties amid challenges.