Yoma Strategic Holdings' home sales more than tripled

Boosting profit to $3.7m.

According to OCBC, Yoma Strategic Holdings (Yoma) reported 3QFY13 PATMI of S$3.7m, increasing by S$2.3m YoY mostly due to higher sales of residences and land development rights. 

This brings 9MFY13 PATMI to S$1.9m, which is mostly in line with expectations but below consensus estimates. Topline for the quarter came in at S$13.0m, up 32.1% YoY, again driven by stronger property sales.

Here's more from OCBC:

Yoma reports that residential sales during the quarter increased by more than three times YoY, and is mainly attributable to multiple projects in Pun Hlaing Golf Estate (Ivory Court Residences II, Bamboo Grove Garden Villa, Lakeview Apartments) and also apartments in Star City.

We expect key catalysts for the stock ahead to be the proposed approval and acquisition of the prime site in Yangon and a proposed 1-for-4 rights issue for S$0.38 per share ahead.