Yoma Strategic has posted a 3.2% growth in its group revenue for the three months ended June 2020 to US$19.2 million ($26.3 million) from US$18.6 million the year before.

The growth was led by higher revenue posted from Yoma Land’s Real Estate Development and Yoma Motors, as well as growth in its other businesses, and was offset by a decline in Yoma F&B and Yoma Land’s Real Estate Services segment.

Segmentally, Yoma Land posted 21.4% y-o-y higher revenue of US$6.8 million, comprising a 45.5% y-o-y surge in revenue of US$4.8 million for its Real Estate Development segment. The growth was mainly driven by the segment’s project City Loft @ StarCity.

Unrecognised revenue amounted to US$17 million as at June 30, 2020.

Revenue for Yoma Land’s Real Estate Services, on the other hand, fell 13.0% y-o-y to US$2.0 million due to a more competitive environment, which led to lower occupancy levels and rental rates at Pun Hlaing Estate and StarCity.

However, the group says the lower rental rates and the amenities and services offered by Pun Hlaing Estate and StarCity amidst the Covid-19 pandemic had driven a partial recovery in occupancy levels in recent months.

For the 3M20, Yoma F&B revenue registered a 30.9% y-o-y decline to US$4.7 million due to government-imposed lock downs, curfews, and prohibitions on dine-in between April to mid-May, as well as temporary store closures.

The Myanmar government has allowed restaurants to resume operations since end May. The group says Yoma F&B has experienced improved performance month-on-month following its re-opening.

Yoma Financial Services saw a 5.6% y-o-y improvement in revenue to US$1.9 million due to the enlarged finance lease portfolio, which carries higher gross margins from Yoma Fleet. Vehicle numbers grew by 11.1% y-o-y to 1,290, third-party assets under management stood at US$45.6 million as of June 30.

Wave Money saw a decline in revenue and transaction numbers of 16.5% and 25.3% q-o-q respectively, while maintaining positive earnings before interest, taxes, depreciation, and amortization (EBITDA). This was due to the scale achieved in the business as well as a focus on cost control measures.

The group says Wave Money’s monthly active users is on track to reach its 1.3 million target by December 2020.

Yoma Motors saw a 33.3% growth in revenue to US$5.6 million due to the higher number of tractors and implements sold under its Heavy Equipment arm due to the ramp-up in activities in the agriculture business ahead of the monsoon season.

New Holland sold 124 trackers for the 3M20 compared to 61 tractors the year before.

Yoma Motors’ Automotive arm saw higher revenue driven by the sale of 16 Volkswagen vehicles and 22 Ducati motorbikes. Mitsubishi and Hino saw significant improvements with 184 Mitsubishi vehicles (65 vehicles in 3M19) and 26 Hino trucks (9 trucks in 3M19) being sold.

Shares in Yoma Strategic closed 0.5 cents lower, or 1.7% down, at 29 cents on August 17.