Yoma Strategic returns to the black, sees opportunity for quality homes in Myanmar

Yoma Strategic Holdings has registered a net profit of $3.3 million in the second quarter, reversing from a loss of $4.2 million in the same period last year.

Revenue for the three months to Sept 30 soared by 132.4 per cent to $27 million.

The bulk of the revenue came from sales of residences and land development rights (LDR) in Myanmar.

Revenue generated from sales of residences and LDRs during the quarter was $26.4 million or about 97.8 per cent of total revenue.

Earnings per share were 0.29 cent compared to loss of 0.44 cent previously while net asset value per share increased to 31 cents compared to 30.9 cents as at March 31.

As Myanmar continues to re-integrate into the global economy, the real estate business promises great opportunity.

Yoma will continue to do well by providing quality residences to a market for which there is a big supply and demand mis-match.

"This allows us to continue to experience strong demand whilst at the same time maintaining a positive pricing environment. The company believes that this situation will persist for the foreseeable future," it noted.