Yoma Q4 profit soars to US$25.7m on fair value gains from investment properties

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Boustead Projects Q4 earnings slip 2% to S$5.7m on weaker marginsREAL estate player Boustead Projects saw earnings fall 2 per cent year-on-year to S$5.7 million for the fourth quarter ended March, amid weaker gross margins in its core design-and-build segment, coupled with depreciation costs for its AliceMediapolis project. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Singapore-based startup Trax raising US$100m to value company at US$1.1b, second only to Grab[SINGAPORE] Trax, a Singapore-based startup serving the retail industry, is finalizing a deal to raise US$100 million at a pre-money valuation of about US$1.1 billion, a price tag that could make it the second most valuable startup in the city-state. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »