Lack of bargain purchase gains blamed for Yoma's 44.9% profits crash

But it was slightly offset by a $5.2m fair value gain.

According to OCBC Investment Research, Yoma reported 4FYQ14 PATMI of S$6.4m, which dipped 44.9% YoY mostly due to the absence of gains from a bargain purchase recognized in 4QFY13, partially offset by a S$5.2m fair value gain in 4QFY14 for a 16-unit apartment block in Pun Hlaing Golf Estate which has been retained as an investment property.

Here's more:

Excluding fair value gains, we estimate core FY14 PATMI at S$11.2m, which forms 95% of our full yearestimates; this is judged to be in line with our expectations but below consensus. 

In terms of the topline, 4QFY14 revenues increased 34.4% to S$27.5m as the group recognized higher sales from property developments and land rights mostly from Star City. Staff costs also grew 98.5% YoY to S$13.1m as the group continued to build its employee base.