Memories Group Q4 net profit surges to US$6.15m on one-off gain

ON the back of a one-off US$8.07 million gain from a bargain purchase, Catalist-listed Myanmar-based tourism firm Memories Group posted net profit attributable to shareholders of US$6.15 million for the fourth quarter ended March 31, 2019.

This was more than 11 times the year-ago figure of US$556,000. Gross profit, however, fell 12 per cent to US$2.06 million from US$2.35 million in the year-ago period. Revenue was US$5.41 million, up 10 per cent from US$4.92 million. Earnings per share for the quarter was 1.23 US cents, compared with 0.16 US cent in the year-ago period. No dividend was declared as Memories Group"intends to conserve cash for working capital".

For the full year, Memories Group posted net profit of US$2.29 million, turning around from the previous year's net loss of US$6.43 million. Revenue was up 14 per cent at US$10.1 million from US$8.84 million the year before.Though Myanmar has seen a fall in Western visitors, tourist numbers from Asia have been rising, said Memories Group.

Memories Group was spun off from mainboard-listed Yoma Strategic Holdings in 2017 and made its Catalist debut in January 2018. Shares in the company closed unchanged at 7.4 Singapore cents on Tuesday.

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