Yoma (S$0.535) 4QFY16 business disrupted by polls; outlook looks rosy
-4QFY16 net profit $8.9m (+8.9%); full-year earnings $37.2m (+32.6%)
-4QFY16 revenue $45.7m (+65.8%); property (+107% to $31.1m), non-property (+16.4% to $14.6m)
-Bulk of property revenue came from the resale of 90 residential units in its Star City project, after repurchasing 117 unsold units from a third party developer.
-Non-property segment mainly lifted by its KFC stores, which opened in Jul ’15
-Gross margin collapsed 18ppts to 29.3%, due to the sale of repurchased units at Star City.
-Bottom line further dragged by higher admin expenses and losses from two new JVs.
-Mgmt expects rosy outlook following a peaceful govt transition in Apr '16
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