MYANMAR-FOCUSED Yoma Strategic Holdings on Wednesday posted a fourth-quarter net profit of US$25.7 million, from US$432,000 a year ago, mainly due to net fair value gains from investment properties.
Revenue for the fourth quarter ended March 31 jumped 77.9 per cent to US$31.8 million, from US$17.9 million a year ago. According to Yoma, this was driven by a"modest recovery" in its development activities and the increase in its portfolio of investment properties.This was also supported by continued growth at Yoma F&B and Yoma Financial Services, which partially offset a slower performance by Yoma Motors.
Its Yoma motor business revenue fell 27.9 per cent to US$4.9 million, from US$6.8 million a year ago, largely due to a lower number of tractor and implements sold in the New Holland tractor business. Revenue from the group’s Yoma Land real estate development business rose 88.8 per cent to US$31.8 million, from US$16.9 million a year ago, while its real estate services revenue more than doubled to US$24.4 million, from US$9.6 million a year ago.
Another reason was incurring market entry costs at Access Myanmar Distribution Company, which launched two new whiskeys in the past year under Seagram’s brand umbrella.
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