SINGAPORE (July 26): Yoma Strategic Holdings, the corporation with a diversified portfolio of businesses in in Myanmar, reported a 54% rise in 1Q18 earnings ended June of $2.8 million from $1.8 million a year ago.
Revenue rose 46.8% to $25.8 million from $17.6 million. Revenue from the group’s Automotive & Heavy Equipment and Consumer businesses increased by 54.5% to $15 million, contributing 58.2% to the group’s 1Q18 revenue. Gross profit margins improved to 40.6% in 1Q18 from 38.8% in 1Q17, mainly due to the higher margins achieved for the Real Estate business.
The Real Estate business generated from the sale of residences and land development rights doubled year-on-year to $6.2 million from $3.1 million, mainly due to the share of profits from the sales of residences in Galaxy Towers (StarCity Zone C) and the additional share of profits in StarCity Zone B following its completion. Real Estate rental and services revenue decreased by 7.9% to $4.6 million mainly due to the reduction in the number of tenants in FMI Centre in anticipation of its demolition to make way for the development of the group’s Yoma Central project.