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Yoma's Q4 net profit gets boost from fair value gain and currency translation
MAINBOARD-LISTED Yoma Strategic on Friday posted a 28 per cent year-on-year rise in net profit to S$8.16 million for the fourth quarter ended March 31, 2015, on the back of a marginal rise in revenue from S$27.5 million a year ago to S$27.6 million.
During the quarter, the group recognised a fair value gain of S$8.0 million due to the revaluation of its investment properties, Building A5 in Star City and Lakeview G in Pun Hlaing Golf Estate in Myanmar. It also enjoyed a currency translation gain of S$6.08 million.
For the financial year ended March 31, 2015 (FY2015), net profit grew by 71.1 per cent to S$28.1 million while revenue increased by 10.4 per cent to S$110.9 million, mostly due to the increase in the revenue generated by Yoma's automotive and tourism segments.
For FY2015, revenue generated from the sales of residences and land development rights slipped slightly by S$2.57 million, mostly due to the hold back of sales in the Pun Hlaing Golf Estate.
Earnings per share for the fourth quarter stood unchanged at 0.52 Singapore cents, while that for FY2015 rose from 1.32 to 2.0 Singapore cents.
No dividend has been declared for the period.
Separately, Yoma announced that Andrew Rickards will be stepping down as chief executive officer and executive director after the company's Annual General Meeting on July 27, 2015. He will be replaced by Melvyn Pun - son of Yoma's executive chairman Serge Pun and alternate director to the elder Mr Pun - with effect from the same day.
Mr Rickards will remain on as an adviser to the company until December 31, 2015.
Meanwhile, JR Ching, who is currently head of business development at Yoma, has been appointed as chief financial officer (CFO). In addition to his new responsibilities as CFO, Mr Ching will continue to oversee the group's business development.