The annual losses of Yoma Strategic Holdings, a Singapore-listed company, continue to widen. The company reported a USD 60.5 million net loss for the 2019-2020 year, up from USD 36.9 million lost in the previous fiscal year. By September 30th, Yoma Strategic’s loss per share was USD 0.021.

Total revenue, however, increased by 13.6% from the year before, to USD 103.4 million. Revenue rose in consumer-facing businesses, financial services and automotives, but fell in real estate services and investments, according to a report by the Business Times.

The company said the economic impact of COVID-19 contributed to the losses, but the NLD government’s strong economic recovery measures should help it return to form. “The government is expected to focus on various growth initiatives and attracting foreign investment during its next five-year term,” the Business Times quoted it as saying. “Furthermore, the impact of the COVID-19 response is expected to provide the catalyst for a more rapid pace of economic transformation, which bodes well for the group’s businesses.”

Meanwhile, Yoma Strategic is forging ahead with two new major real estate developments in and around Yangon. This week, the company announced a commercial expansion of its Star City development, located in Thanlyin, as well as a new residential development under its City Loft brand. (Those projects are covered in greater detail elsewhere in this week’s newsletter.)