SINGAPORE (Feb 13): Yoma Strategic announced that it has made a loss of $4.9 million in 3Q19, compared to earnings of $16.8 million in 3Q18.
This brings 9M19 earnings to $5.3 million, 76.9% lower than $23.2 million in 9M18.
Revenue for the quarter was 12.1% higher at $27.0 million from $24.1 million in the previous year, mainly due to higher contribution from the group’s real estate development, real estate services, financial services and consumer segments.
This was however offset by lower revenue contributions from the group’s automotive & heavy equipment and investments segments.
As cost of sales increased 0.3% y-o-y to $17.6 million, gross profit for 3Q19 was 44.0% higher at $9.3 million from $6.5 million last year.
Other income was 73.3% lower at $7.1 million from $26.8 million a year ago, due to the absence of a one-off gain. The group in 3Q last year disposed its tourism-related business for $27.7 million.
Finance expenses saw a significant increase to $7.0 million from $0.8 million in the previous year. This was led by higher interest expenses on borrowings due to higher borrowings and rising interest rates, as well as the absence of currency translation losses amounting to $2.5 million a year ago.
Share of loss of joint ventures of also saw a large increase to $1.3 million from $0.2 million last year, primarily attributed to the losses incurred by BYMA, which is in the business of construction services.
As at end-Dec, the group’s cash and cash equivalents stood at $22.8 million.
Melvyn Pun, CEO of Yoma says, “We remain optimistic about the business prospects ahead, and Yoma Strategic is well positioned to grow our core business segments, improve the operating performance of our portfolio of businesses and benefit from the expected economic growth.”
Shares in Yoma last traded 5.80% higher at 36 cents.
