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.
