Passenger growth drives +17.7% increase in retail sales at Singapore Myanmar Investco in Q1

Singapore Myanmar Investco Limited (SMI) has reported +6.4% year-on-year revenue growth for the first quarter ended 30 June 2019, to US$5.1 million.

The increase was mainly attributable to a +17.7% increase in travel and fashion retail sales, to US$3,938 million, and growth in food & beverage (+56.3% year-on-year) reflecting further outlet expansion. SMI manages duty free and food & beverage outlets at Yangon Airport’s international terminal.

SMI said airport sales improved as traveller numbers recovered, with a particularly strong increase in passengers from China and other Asian countries.

The group reported gross profit of US$1.2 million, which was relatively flat compared to the year-ago period. Gross profit margin was lower due to the lower usage fees charged to SMI’s local business partner, reflecting reduced financing charges.

SMI is launching three new fashion stores and a specialist electronics store at Yangon Airport. The company will also expand its Artisan concept.

Looking ahead, SMI said its airport retail operation was well positioned to take advantage of expected further passenger growth. The company said it would continue to look “selectively” for new retail and F&B locations.

Source: The Moodie Davitt Report

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