Yoma Strategic’s net profit up 7.1% to $8m in Q3

On back of higher real estate revenue.

Yoma Strategic today reported that its net profit increased 7.1% year-on-year to $8m in the third quarter, on back of higher real estate and tourism revenue coupled with the maiden contribution of its telecommunications business.

The real estate division continued to be the largest revenue driver contributing $20.8m or 83.1% of the group’s revenue.

Sales of residences increased 43.7% year-on year to $15.7m largely driven by renewed buying interest in PHGE as a result of the launch of new residential projects.

Revenue from the group’s ‘Balloons Over Bagan’ tourism business, which runs from October to March every year, recorded a strong 67.8% year-on-year jump to $3.4m on the back of the growing tourism market in Myanmar and contributed 13.8% of the Group’s turnover in the quarter.

Meanwhile, Yoma’s investment in the telecommunication tower business via a 25%-interest joint venture with Digicel Group Limited made its maiden contribution.