Big profit surge at Yoma Strategic Holdings as Myanmar project sells strongly

STRONG sales at Yoma Strategic Holdings' flagship Star City project in Myanmar has driven a more than trebling of second quarter net profit to $10.8 million.

Revenue for the three months ended Sept 30 jumped 52 per cent to $41.2 million, the company said in a Singapore Exchange announcement today.

Chief executive Andrew Rickards said the bright future for Myanmar boded well for the company's prospects.

"The number of foreign multinational companies coming into Myanmar continues to grow bringing an increase in the number of mid-level and senior executives into the country, often into Yangon," he said.

The company's large-scale Star City residential project in the country's main city, Yangon, has been selling strongly with more than 90 per cent of units launched already taken up by buyers.