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
