YANGON — Singapore-listed Yoma Strategic Holdings has announced a strong increase in profit on the back of the sale of part of its telecom tower business and “signs of recovery” in the Yangon property market.
Net profit in the quarter to September 30 rose to S$8.5 million from S$300,000 at the same time last year.
Revenue rose 25.2 percent, to S$24.9 million, on the back of improvements in Yoma’s three core businesses: real estate, automotive and the consumer sector.
The sale of 12.5 percent of Yoma’s telecommunication tower business, edotco investments, contributed S$14.7 million for the quarter.
The result pushed net profit for the first half of 2016-17 to S$10.1 million, up from S$2.9 million the previous year.
“We are pleased to see good performance across our three core businesses.
Our New Holland, Yoma Fleet and KFC businesses continue to grow amid increasing demand, whilst our real estate business is seeing signs of recovery,” Mr Melvyn Pun, Yoma Strategic’s chief executive officer, said in a statement.
Pun said the company’s prospects remain strong, with economic growth in Myanmar expected to gain pace on the back of new government policies and the decision to lift US sanctions.
“We believe that Yoma Strategic is well positioned to continue its growth trajectory, in tandem with the country’s positive developments.”
In October, Yoma Strategic announced plans to spin off its tourism businesses, including Balloons over Bagan and hotels in Yangon and Bagan, through a reverse takeover of Singapore-listed SHC Capital Asia.