Yoma Strategic Sees Growth in Final Quarter Revenue With Increase in Auto Sales

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Yoma Strategic Hold­ings, the Singapore stock exchange listed subsidiary of First Myanmar Investment, has posted a quarter on quarter revenue increase of S$3.95 million, the equivalent of $2.78 million, for the final quarter of 2016.

The 16% increase in total revenue comes off the back of strong performance by the group’s automotive and equipment arm, which increased 17.6% to S$10.16 million in the final quarter of 2016-17.

Farm machinery and equipment firm Conveni­ence Prosperity, a subsidi­ary of Yoma owned Elite Matrix, generated the most revenue for Yoma’s auto­motive sector through the sale of New Holland trac­tors.

Serge Pun’s, Yoma also recorded higher revenue of S$3.02 million from its KFC stores in the final quarter of last year as com­pared to S$1.43 million in the same quarter of the previous year.

Yoma, recognizing the growing demand for west­ern fast-food in Myanmar, increased the number of KFC stores in Yangon to 10 as at 31 December 2016. The group has also out­lined plans have 12 stores by March, after expansion into Mandalay.

Despite the increased rev­enue, currency translation losses incurred by transfer­ring between between the strong US dollar to Yuan and Singapore dollars, the functional currencies of borrowing entities, meant Yoma made S$8.80 million in losses on its borrowings quarter on quarter.

 

Source: Myanmar Business Today

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