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Yoma Strategic Q2 net profit more than doubled on strong property sales

YOMA Strategic Holdings' net profit for the fiscal second quarter of 2015 ended Sept 30 more than doubled to S$10.8 million from S$3.3 million, thanks mainly to strong sales of residences and land development rights (LDRs) in Myanmar.

Its revenue surged 53 per cent year on year to S$41.2 million during the quarter, with the Star City project being the key contributor and making up about 80 per cent of total revenue.

Revenue generated from sales of residences and LDRs in the second quarter amounted to S$37.44 million (90.8 per cent of total revenue), up from S$26.4 million (97.8 per cent of total revenue) in the same quarter last year.

The group had entered into an agreement to develop and manage the construction and sale of 950 apartment units in Star City Zone C, after a collaboration with a third-party investor for Zone B enjoyed strong sales.

The group recorded S$25.2 million of LDR sales for Star City Zone C in the second quarter. The performance fees for managing the construction of the project and the share of profit from the sales of units will be recognised in the coming quarters.

Yoma shares closed a cent lower on Tuesday at 63 cents.