YOMA Strategic Holdings' net profit tumbled 97.2 per cent in the second fiscal quarter as it posted lower recognised sales of property in its Myanmar projects.
Yoma, a Myanmar conglomerate with property development and car businesses, said net earnings fell to S$298,000, or 0.02 Singapore cent per share, for the three months ended September. For the fiscal first half, net profit dropped 76.1 per cent to S$2.9 million, or 0.17 Singapore cent per share.
Yoma's shares eased 2.9 per cent, or 1.5 Singapore cent, to close at 49.5 Singapore cents on Thursday before the results were announced.
Revenue halved to S$19.9 million during the quarter as the sale of residences and land development rights fell 79.1 per cent to S$7.84 million. That was mostly due to the absence of S$25.2 million of revenue that Yoma could recognise in the year-ago period from selling land development rights in its Star City development.
Car revenue, however, jumped to S$6.4 million in the second quarter, from S$0.4 million a year earlier due to revenue contributed by the Convenience Prosperity unit, which was acquired in February 2015.
Yoma said it expects property buyers to delay purchases until a new government is formed in Myanmar. Longtime political figure Aung San Suu Kyi's National League for Democracy this month won Myanmar's general elections by a landslide.