Yoma Strategic Holdings Ltd. announced its financial results for first quarter of 2017, with a revenue of $17.6 million USD and a net profit of $2.3 million USD. This revenue was largely driven by the Group’s Consumer and Automotive & Equipment (“Non-Real Estate”) businesses
However, the net profit attributed to equity holders stood at $1.83 million USD, compared to $2.56 million USD a year ago, which represents a 28.6 percent drop. Gross profit fell 31.5 per cent to $6.81 million USD on weaker revenue. Sale of residences and land development rights plunged to $3.05 million USD in the first fiscal quarter, compared to $12.3 million USD a year ago. The decrease was due to the completion of buildings A3 and A4 in StarCity Zone A, as well as the group’s decision to defer sales of properties in Pun Hlaing Estate until near-completion in order to achieve higher margins, Yoma said.
“Our Non-Real Estate businesses continue to record good growths and provide a diversified revenue stream to the Group. In particular, our telecommunications towers investment has again performed well. 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, Yoma Strategic Chief Executive Officer. Despite a 28.6 percent fall in first quarter profit, Yoma is positive about both its future and the economy of the country.
“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,” says Serge Pun, Yoma Strategic Executive Chairman.
