Yoma Strategic Holdings has reported group revenue of US$24.8 million ($33.1 million) for the 1QFY2021 ended December, 0.9% higher than revenue of US$24.6 million from a year ago.

Yoma, which has a diversified portfolio of businesses in Myanmar, saw mixed contributions.

For the 1QFY2021, group revenue was lifted mainly by investment and corporate, which saw an 80.6% growth y-o-y to US$0.4 million.

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Yoma Land saw a 37.9% y-o-y increase in revenue to US$11.1 million, mainly due to 52.5% higher revenue for Real Estate Development y-o-y at US$9.1 million.

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The significant increase in revenue in Real Estate Development was mainly contributed by City Loft @ Star City, The Peninsula Residences and Star Villas.

This was offset by 4.1% lower revenue y-o-y for Real Estate Services at US$2.0 million due to lower rental yields and rental rebates given to commercial tenants.

Yoma F&B registered a 29.4% y-o-y drop in revenue to US$6.3 million due to dine-in restrictions in the country since September 2020.

Government-imposed lock downs and curfews resulted in lower footfall traffic at shopping malls.

Yoma F&B reported an unchanged number of stores since September 2020. As at Dec 31, 2020, the group operates 91 restaurants comprising 45 KFC restaurants, 42 YKKO restaurants, 3 Auntie Anne’s kiosks and 1 Little Sheep Hot Pot restaurant.

Revenue for Yoma Financial Services remained relatively stable with a 0.4% y-o-y growth at US$1.7 million.

Under the business, Yoma Fleet saw vehicle numbers grow by 15.7% y-o-y to 1,384 vehicles. Third-party assets under management (AUM) stood at US$44.6 million as at Dec 31, 2020.

For Wave Money, its EBITDA for the quarter remained positive supported by a 10.4% q-o-q growth.

Yoma Motors, in the 1QFY2021, registered a 6.4% decline y-o-y due to lower sales of New Holland tractors, and the fact that the registration offices for motor vehicles were mostly closed during the quarter.

On Feb 1, Yoma Strategic called for a temporary trading halt in its shares due to the political developments in Myanmar, which may impact the group’s operations.

See: Yoma says business operations have resumed but warns of change in sentiment and Yoma Strategic continues to get the 'buy' call from PhillipCapital despite unrest in Myanmar

 

The group says it will continue to monitor the political situation in the country.

Shares in Yoma closed 0.6 cent lower or 3% down at 19.4 cents on Feb 5.