Property developer Yoma's Q4 net profit soars to $11.5 million

Yoma Strategic Holdings reported a jump in net profit, largely due to the sale of residences and land development rights in Myanmar.

Net profit for the property developer in the fourth quarter jumped 4.5 times to $11.5 million, compared with the same period ended March 31 last year.

Revenue increased 26.9 per cent to $20.5 million over the same three-month period.

The sale of residential units for Yoma's property development projects in Myanmar, such as Ivory Court Residences II, Bamboo Grove Garden Villas, Lakeview Apartments in Pun Hlaing Golf Estate and apartments in Star City, drove revenue for the quarter.

On average, selling prices of residences and land development rights have increased by 20 to 25 per cent on year for the fourth quarter, said Yoma, which is listed on the mainboard of the Singapore Exchange.

Its net profit for the financial year ended March 31 was $14.3 million, up 132.3 per cent from the previous year.

Revenue grew 54.2 per cent at $60.5 million for the year.

Chief executive Andrew Rickards said that Yoma will continue to look for new projects to build up its land and development bank at the more affordable end of the market.

Yoma's move into commercial real estate will be marked by the completion of its acquisition of Landmark Project in downtown Yangon, added Mr Rickards.

It will also concurrently seek to expand its agricultural, automotive and tourism businesses.

Last week, Yoma, Mitsubishi Motors Corporation, Mitsubishi Corporation and First Myanmar Investment Co, launched the first Mitsubishi Motors after-sales service centre in Yangon, Myanmar.

Earnings per share for the fourth quarter was one cent, up from 0.32 cent over the same quarter last year.

Net asset value per share was 30.9 cents, up from 25.7 cents last year.

Yoma is proposing a first and final dividend of 0.5 cent per share.

Yoma's shares closed up one cent at 83 cents today.