Myanmar-focused business conglomerate, Yoma Strategic Holdings, reported a decrease in earnings to $1.8 million for the three months ended 30 June 2016 in 1Q17.
Revenue fell 22.4% to $17.6 million in 1Q17 from $22.7 million in 1Q16. The bulk of Yoma’s revenue was driven by the group’s consumer and automotive & equipment businesses, as well as from investment properties, which offset the lower revenue from its sales of residences and land development rights.
Revenue from the group’s non-real estate businesses recorded a 37.2% growth to $9.6 million. The group’s Case New Holland business contributed $5.6 million or 58.6% of its non-real estate revenue. The group’s fleet leasing business expanded to 359 vehicles under lease with growing demand from organisations expanding their operations in Myanmar. The group’s KFC business also continued its growth momentum with two new stores openings in April and June which brought the total store count to six as at end of June 2016.
Other income increased to $11.8 million in 1Q17 from $1.6 million in 1Q16, mainly driven by the fair value gain of $10.3 million from the group’s telecommunications towers investment.
Administrative expenses increased to $12.6 million in 1Q2017 as compared to $8.4 million in 1Q2016. The increase was mainly due to higher staff cost.
“The real estate market remained sluggish but is seeing signs of recovery, and we have received encouraging feedbacks from our recent launch of the townhouses in Pun Hlaing Estate,” says Melvyn Pun, CEO of Yoma.
“The real estate market remains a bit uncertain as the new government introduced its policies for the sector, although there are signs of a recovery from last year’s slow down. I am confident that the long term outlook for the country and its economy, and in turn, Yoma Strategic, remains bright.”
Yoma last traded at 60 cents on Monday.
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Revenue fell 22.4% to $17.6 million in 1Q17 from $22.7 million in 1Q16. The bulk of Yoma’s revenue was driven by the group’s consumer and automotive & equipment businesses, as well as from investment properties, which offset the lower revenue from its sales of residences and land development rights.
Revenue from the group’s non-real estate businesses recorded a 37.2% growth to $9.6 million. The group’s Case New Holland business contributed $5.6 million or 58.6% of its non-real estate revenue. The group’s fleet leasing business expanded to 359 vehicles under lease with growing demand from organisations expanding their operations in Myanmar. The group’s KFC business also continued its growth momentum with two new stores openings in April and June which brought the total store count to six as at end of June 2016.
Other income increased to $11.8 million in 1Q17 from $1.6 million in 1Q16, mainly driven by the fair value gain of $10.3 million from the group’s telecommunications towers investment.
Administrative expenses increased to $12.6 million in 1Q2017 as compared to $8.4 million in 1Q2016. The increase was mainly due to higher staff cost.
“The real estate market remained sluggish but is seeing signs of recovery, and we have received encouraging feedbacks from our recent launch of the townhouses in Pun Hlaing Estate,” says Melvyn Pun, CEO of Yoma.
“The real estate market remains a bit uncertain as the new government introduced its policies for the sector, although there are signs of a recovery from last year’s slow down. I am confident that the long term outlook for the country and its economy, and in turn, Yoma Strategic, remains bright.”
Yoma last traded at 60 cents on Monday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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