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Yoma Q2 profit drops 56.8% on higher minority interests, lower fair-value gains

Yoma Strategic Holdings' net profit fell 56.8 per cent in its second fiscal quarter to S$3.7 million, dragged by higher minority interests and the absence of year-ago fair value gains.

On a per-share basis, profit attributable to shareholders fell to 0.21 Singapore cent from 0.49 cent, said Yoma, a Myanmar-based conglomerate with automotive and property businesses. No dividend was declared, in line with the previous year.

For the six months ended Sept 30, net profit fell 36.3 per cent to S$6.4 million.

Revenue rose 32.9 per cent to S$33.1 million as sales of New Holland tractors pulled auto and heavy equipment revenue to a 109.9 per cent year-on-year growth. The group's revenue from operating KFC restaurants also grew 20.1 per cent during the period.

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However, other income dropped 53.5 per cent to S$7.6 million in the absence of year-ago fair value gains on financial assets. Non-controlling interests also claimed S$3.0 million of after-tax profit, compared to a S$880,000 loss in the year-ago quarter, sharply reducing the amount attributable to shareholders.

Looking ahead, Yoma said expects rental demand for its serviced apartments to remain "healthy". For auto and heavy equipment, delivery of 151 tractors to farmers is expected to contribute S$4 million of revenue in the third fiscal quarter.