SINGAPORE - Yoma Strategic Holdings said on Wednesday (July 26) that net profit for the first quarter jumped 54 per cent to S$2.8 milion from S$1.8 million in the year-ago period.
Revenue for the three months to end-June grew 46.8 per cent year-on-year to S$25.8 million as the Myanmar-focused group saw better operational performance across all of its businesses.
Sales from the automotive and heavy equipment and consumer businesses continued to deliver strong growth, increasing by 54.5 per cent to S$15 million, contributing 58.2 per cent to the group's total revenue for the quarter.
As part of efforts to increase recurring revenue for its real estate business, Yoma transferred a block of residential apartments and part of an office development in Pun Hlaing Estate from development properties to investment properties, resulting in a fair value gain of S$7.4 million recognised in its other income.
Looking forward, Mr Serge Pun, Yoma's executive chairman, said: "We are hopeful that the pickup in economic development and urbanisation will help to boost the Yangon property market as we see signs of a mild recovery.
"With the government looking to boost the economy and with agriculture and construction being two top priority sectors, we expect to see growth in our New Holland tractor and JCB construction equipment businesses. On the consumer front, positive sentiment continues to boost our KFC business in the country as we expand to our target of 22 stores by the end of the financial year."