Yoma posts 45% drop in earnings for final quarter
Revenue climbs 34%; firm reports record $16.4m profit for full fiscal year
Anita Gabriel
MYANMAR-CENTRIC firm Yoma Strategic Holdings posted a 45 per cent drop in net profit to $6.4 million for the January-March final quarter on the back of the absence of gains from a bargain purchase recognised a year ago.
However, the void left behind by the $9.1 million fair value gain booked in from the purchase of wholly owned Xun Xiang a year ago was partially offset by a $5.2 million fair value gain on a 16-unit apartment block in Pun Hlaing Golf Estate which the firm has retained as an investment property.
Top-line growth was robust with revenue coming in at $27.5 million, up 34 per cent from a year ago, of which more than 80 per cent stemmed from sales of residences and land development rights (LDRs) in flagship projects Star City and Pun Hlaing Golf Estate.
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