Company briefs: Yoma Strategic

Myanmar-based Yoma Strategic Holdings posted a 2.1 per cent year-on-year growth in revenue to US$19.6 million (S$26.7 million) for the third quarter ended June 30.

Yoma said turnover from its property segment, Yoma Land, rose 30.9 per cent to US$8.9 million from US$6.8 million a year earlier, boosted by construction at StarCity and new land sales at Pun Hlaing Estate.

It warned that the third Covid-19 wave in Myanmar will likely have a "severe impact" on the group, especially in its food and beverage and motor segments.

THE BUSINESS TIMES

Real estate agency PropNex recorded net profit of $16.5 million for the second quarter ended June 30, more than double the $7.3 million racked up a year earlier.

This lifted first-half earnings to $31.3 million, up from $14.8 million a year ago, it noted yesterday.

The company has declared an interim dividend of 5.5 cents a share - the highest since its listing - to be paid out on Sept 3.

PropNex said the strong growth was due to a higher number of transactions completed in the second quarter.

THE BUSINESS TIMES

Hong Kong's Cathay Pacific Airways posted a HK$7.57 billion ($1.32 billion) first-half loss, narrower than the prior year's HK$9.87 billion, due to cost-cutting measures and strong air cargo demand. The net loss for the six months to June 30 was in line with the firm's guidance that it would be "somewhat" lower than the previous year. Revenue fell 42.7 per cent to HK$15.85 billion.

The airline lacks a domestic market and has been flying a minimal number of passengers during the pandemic, though its large cargo business has performed strongly.

REUTERS