Yoma Strategic Holdings disappoints markets with -S$4.2m profit

This is despite increased sales.

According to OCBC, Yoma Strategic Holdings (Yoma) reported a negative 2Q13 PATMI of -S$4.2m, mostly due to a S$5.4m one-time non-cash share-based payment to the CEO, partially offset by increased sales of residences and land development rights.

Here's more from OCBC:

Accounting for one-time non-operating expenses, net operating profit would have been S$1.8m – up 33% YoY – which we judge to be mostly in line with expectations.

2Q13 revenue was S$11.6m, increasing 59% YoY mainly due to stronger sales at Pun Hlaing Golf Estate and Star City.

Management reports that, since Star City’s acquisition, 249 units out of a total of 528 units in building 3 & 4 have been sold as of 30 Sep 2012.