Yoma: 3QFY15 net profit surged 50% y/y to $7.8m, boosted by lower non-controlling interests (-89%) from a repayment of shareholders' loan, as well as FX gains ($3.2m).
Revenue declined 17.2% to $25m, from lower sales recognition from Star City, partially offset by stronger sales at Pun Hlaing Golf Estate (PHGE), rental income from PHGE and Star City, as well as higher contributions from its non-real estate businesses.
Gross profit margin improved 4.4 ppt to 48.7%, shored up by higher revenue generated from sales of PHGE land development rights and residences, where the margins are higher.
Management believes that investor confidence in Myanmar is continuing to improve and expects to benefit from the improved macro outlook.
At $0.52, Yoma is valued at 1.4x P/B and remains the key proxy for investors keen on acquiring exposure to the rapidly growing Myanmar economy.
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