SINGAPORE (Oct 27): Yoma Strategic Holdings reported a 56.8% decline in earnings to $3.7 million for the 2Q ended September, from $8.5 million a year ago.

This was mainly due to the absence of the $14.7 million fair value gain on the telecommunications towers investment which was recognised in the same quarter last year.

As a result, other income decreased 53.5% year-on-year to $7.6 million in 2Q18, from $16.3 million a year ago.

Revenue grew 32.9% to $33.1 million in 2Q18, from $24.9 million a year ago, led by strong operational performance from its Automotive & Heavy Equipment and Consumer businesses.

Revenue from the group’s Automotive & Heavy Equipment business doubled to $14.6 million in 2Q18, driven by a significant growth in New Holland tractor sales.

Revenue from the group’s KFC business grew by 20.1% year-on-year to $3.3 million, mainly due to the addition of new stores.

As at end September, cash and cash equivalents stood at $63.6 million.

“We are pleased to deliver a solid revenue growth supported by better operational performance,” says Yoma Strategic’s chief executive officer, Melvyn Pun.

“In the coming months, we expect the positive momentum from our non-real estate business to continue with the opening of more KFC restaurants and the peak dry season for our New Holland tractors,” he adds.

Shares of Yoma Strategic closed flat at 59 cents on Thursday.