SINGAPORE - Mainboard-listed Yoma Strategic announced on Friday a 28 per cent increase in net profit to $8.16 million for the fourth quarter ended March 31, 2015, compared to the year-ago period.
This was due largely to fair value gain of $8.0 million from the revaluation of its investment properties, Building A5 in Star City and Lakeview G in Pun Hlaing Golf Estate in Myanmar, and a currency translation gain of of $6.08 million in the quarter.
Revenue for the quarter edged up $27.6 million from $27.5 million in the year-ago period. It said this was due mainly to the decision of management to defer sales until units under construction are substantially completed so as to ensure a better result in pricing and sales.
For the full 2015 financial year, net profit rose 71.7 per cent to $28.1 million, which Yoma attributed to the solid performance of its automotive and tourism segments. It said that, supported by rising property prices in Myanmar, the group also recorded a revaluation gain of $22.8 million for Star City Building A5 and Lakeview G which more than offset a fair value loss of $6.5 million set aside for its agriculture segment.
Separately, Yoma also announced that Andrew Rickards will be stepping down as chief executive officer and executive director after the company's annual general meeting on July 27, 2015. He will be replaced on the same day by Melvyn Pun, son of Yoma's executive chairman Serge Pun and alternate director to the elder Mr Pun.
Mr Rickards will remain on as an adviser to the company until December 31, 2015.
Said Mr Serge Pun: "We are thankful for Andrew's leadership over the past three years as the company has undergone a successful transformation. Together with the strong management team that we have built, Andrew has helped establish Yoma Strategic's solid reputation both in Myanmar and internationally."
"During Mr Rickards' tenure, Yoma Strategic's market capitalisation increased more than ten times to close to $900 million. Shareholders of Yoma Strategic now include institutional investors such as Aberdeen Asset Management, Capital Group and Eaton Vance."
"The company also successfully embarked on a strategy of diversifying the company's portfolio from a company primarily focusing on real estate to becoming one of Myanmar's leading conglomerates."
Yoma also announced that JR Ching, who is currently head of business development at Yoma, has been appointed chief financial officer (CFO). In addition to his new responsibilities as CFO, Mr Ching will continue to oversee the group's business development.