Yoma

Yoma: Good set of 3Q13 results, which was broadly in-line, noting that 3Q12 was a very low base. 3Q13 rev at $13m, +32% yoy and net profit at $3.7m, +170% yoy. Gross margins jumped to 49.1% vs 25.7% yoy. Rev was driven largely by the sale of residences in 3Q13, which increased more than threefold compared to the previous corresponding period. The increase in the sale of residences was mainly attributable to additional property dev projects such as Ivory Court Residences II, Bamboo Grove Garden Villa and new blocks of Lakeview Apartments at Pun Hlaing Golf Estate, as well as the apartments at Star City. Going forward, grp expects its real estate business to continue to be the driving force for the foreseeable future and continuously look to increase its activity in real estate in Myanmar. At the same time continuing to grow and develop other business areas in agriculture and automobiles.