Yoma Strategic narrows Q3 losses as Myanmar property market picks up

Property developer Yoma Strategic Holdings said its third quarter net loss narrowed to S$420,000 compared with a loss of S$510,000 in the year-ago period.

Its revenue for the third quarter, however, rose 47 per cent to $5.31 million from $3.61 million in the same quarter last year.

Yoma said this was due to a significant increase in its sales of land and buildings.

Revenue for its construction-related segment grew from $0.05 million to $1.79 million on-quarter.

Yoma chairman and chief executive officer Serge Pun said the property market in Myanmar is showing signs of recovery, the company is seeing a higher level of interest from home owners and investors in its properties there.

Going forward, Mr Pun said both the company’s Myanmar and China markets will remain buoyant in the near term.

Source : Channel NewsAsia – 18 Feb 2010

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