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Yoma's Q3 FY16 net profit boosted by other gains
YOMA Strategic Holdings on Thursday reported a net profit of S$25.16 million for the third quarter ended Dec 31, 2015, up from S$7.80 million a year ago.
The bottom line was boosted by other gains (net) of S$30.42 million, compared with only S$3.93 million a year ago. This was largely due to a fair value gain of S$27.7 million for the group's telecom tower business.
Revenue fell 5 per cent to S$23.75 million, down from S$25.01 million due to lower revenue from sales of residences and land development rights.
Earnings per share came to 1.45 Singapore cents for the quarter, up from 0.6 cent a year ago.
During the quarter, the group also saw currency losses of S$10.55 million, versus a gain of S$2.57 million in the corresponding quarter a year ago.
"Given the political stability and positive sentiment following the recent general election at the end of 2015, we are starting to see signs of a recovery in the real estate market," said Serge Pun, chairman of Yoma Strategic, which has businesses in Myanmar.
"I continue to be optimistic regarding the long term sustainable growth of the real estate market due to the country's continued growth as an emerging economy. Myanmar still has a lot to catch up with the rest of the world, and this long runway will sustain the growth of its real estate sector, notwithstanding periodical market adjustments."