Yoma starts FY15 with 243% jump in net profits

Star City Zone A property drives profits.

Yoma Strategic Holdings reported a 1QFY15 profit of S$1.4m, which increased 243% YoY mostly due to fair value gains (S$6.4m) recognized from completed units in Building A5 in Star City Zone A which have been retained as investment properties.

According to OCBC Investment Research, these figures are mostly in line with expectations, after taking into account the lumpy nature of progress recognition due to the rainy season from May to June which decelerated the pace of construction.

“In terms of the topline, 1QFY15 revenue increased 13.9% to S$17.3m as the group recognized higher sales from property developments and land rights mostly from Star City. Sales in Star City remain firm; as at end Mar-14, 528 units have been sold in Zone A. We also understand that 724 units have been sold in Zone B at Star City,” noted the report.