Yoma posts first half profit at S$2.55m

Revenue for 2QFY2012 rose 505.0% from S$1.20 million in 2QFY2011 due to strong sales of housing and land development rights in Myanmar. 

Yoma Strategic Holdings Ltd. and its subsidiaries (“Yoma”) has announced that its net profit for the quarter ended 30 September 2011 (“2QFY2012”) of S$1.39 million was a recovery from a net loss in the previous corresponding quarter (“2QFY2011”). For the six months ended 30 September 2011 (“1HFY2012”), net profit hits S$2.55 million, which represented more than 90% of the total net profit of S$2.79 million recorded for the entire financial year ended 31 March 2011(“FY2011”). 

Healthy Financial Position 

As at 30 September 2011, net assets attributable to the equity holders of the Company increased to S$134.51 million compared to S$130.37 million as at 31 March 2011. Net current assets stood at S$9.50 million as at 30 September 2011,which was a significant improvement as compared tonet current assets of S$2.28 million as at 31 March 2011. This improvement was mainly due to the realisation of LDR, which are non-current assets, to cash balances, according to a Yoma report.

The Group’s inventories amounted to S$1.11 million and comprised mainly the second batch of Dongfengtrucks which arrived in Myanmar at the end of September.

Yoma generated net cash of S$7.28 million in 2QFY2012 from operating activities as compared to S$1.57 million in 2QFY2011. The operating cash inflow was mainly due to sales proceeds received from the LDR sales as well as cash received from trade receivables. As at 30 September 2011, cash and bank balances stood at S$11.10 million which is more than three-fold increase as compared to S$2.51 million as at 31 March 2011.