Yoma's services resume operations amid Myanmar unrest; revenue up 0.9% in Q1

MAINBOARD-LISTED Yoma Strategic Holdings said on Sunday that while political developments in Myanmar "have resulted in intermittent disruption" in some of its businesses, many of its services have resumed operations, including Wave Money, KFC and Kospa.

"The group believes it still too early to ascertain the longer-term impact of the current political situation on its businesses, and will continue to monitor the situation closely," said chief executive officer Melvyn Pun.

In a Singapore Exchange filing, the company gave an overview of its activities in the first quarter ended Dec 31. Group revenue was up 0.9 per cent year on year at US$24.8 million.

This was driven mainly by gains in real estate development, making up for falls in revenue from its food and beverage business, as well as motoring.

While a second wave of Covid-19 has hit economic activities and consumer spending, Yoma's real estate and financial services businesses "remained resilient", it said. Its real estate development arm's revenue grew 52.5 per cent year on year in the quarter, to US$9.1 million.

Revenue fell 29.4 per cent for its food and beverage business, to US$6.3 million, which Yoma attributed to dine-in restrictions in place since September, as well as lower footfall traffic due to lockdowns and curfews amid the pandemic.

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In financial services, fintech arm Wave Money's Ebitda "remained positive" - with no figures given - supported by 10.4 per cent growth in revenue from the previous quarter, and a continued focus on cost control measures.

Over-the-counter monthly active users grew to more than 3.9 million in December, up from 3.7 million a year ago. Digital monthly active users hit 1.5 million in December, ahead of the targeted 1.3 million, and rose further in January to 2.4 million.

"The company will continue to closely monitor the political situation in Myanmar, and provide further updates as and when there are material developments that impact the group's operations," said Yoma.

Shares in Yoma last closed down 0.6 Singapore cent at 19.4 Singapore cents on Friday.