Property gains bump up Yoma Strategic's Q1 net profit

SINGAPORE - Yoma Strategic Holdings, a Singapore-listed group with businesses in Myanmar and China, has posted a tripling of its net profit for the three months ended June 30 mainly due to valuation gains on its investment properties.

Earnings rose to $1.4 million in its first quarter this year, up 243 per cent from $0.4 million a year ago, the group said.

This was on the back of a $6.4 million fair value gain on its Star City's Zone A Building A5 property.

Revenue for the group rose 13.9 per cent in the first quarter to $17.3 million, it said. This was largely attributable to the sales of homes and land development rights in Myanmar.

Earnings per share for the first quarter jumped to 0.12 cent, from 0.04 cent a year ago. Net asset value per share inched up to 32.2 cents as at June 30, from 32.1 cents as at March 31.