SINGAPORE - Yoma Strategic Holding's fiscal fourth-quarter profit retreated 85.5 per cent to S$3.5 million, compared to S$24.08 million a year ago, the mainboard-listed firm announced on Wednesday (May 30).
This came on the back of a 48.2 per cent drop in revenue to S$25.1 million from S$48.4 million a year ago, impacted by reduced income generated from the sale of residences and land development rights (LDRs), which fell the most in the company's breakdown of revenue.
The fall in real estate sales was mainly due to the group changing its sales strategy for StarCity, following its recent buyback of the development, and by continuing its sales strategy of only launching and selling near-completed units in Pun Hlaing Estate, also in Myanmar.
The group is declaring a final cash dividend of 0.25 Singapore cent per ordinary share.
For fiscal 2018, the group's profit attributable to equity holders slid by 25.7 per cent to S$26.64 million, on the back of a 6.6 per cent fall in revenue to S$107.75 million.
"Moving ahead, we will continue to accelerate the group's growth by scaling up our key business pillars and establishing a nationwide presence across Myanmar," said Yoma Strategic's executive chairman Serge Pun.
Separately, the company announced it will bring hot pot chain Little Sheep to Myanmar, with the first Yangon outlet planned for fourth quarter 2018.
Mr Pun said bringing the chain to Myanmar is an "important step" towards the group's goal of becoming a food and beverage leader in the country.