Yoma in the black with Q2 net profit of $3.3m

CITING the strong performance of its real estate division, Yoma Strategic Holdings yesterday posted a net profit of $3.3 million for its fiscal second quarter ended Sept 30, against a net loss of $4.2 million a year earlier.

The earnings attributable to equity-holders came on the back of a more than doubling in revenue to $27 million from $11.6 million. This resulted from higher contribution from sales of residences and land development rights (LDRs), as demand for high-quality homes continued to outstrip supply.

The Myanmar property developer's turnover surge was due mainly to the recognition of $15.1 million in revenue from the sale of LDRs for two buildings in Zone B of Star City, the group's largest residential project, along with an incentive fee of $2.3 million.