Yoma Strategic Q2 net profit soars on telecom tower gains
A worker is seen atop of a mobile phone tower REUTERS/Arnd Wiegmann

Yoma Strategic Holdings Ltd said on Tuesday second quarter net profit rose to S$8.5 million from S$0.3 million a year ago, boosted by gains from the telecommunications towers investment.

The group said it saw growth across all its three core businesses as revenue grew 25.2 percent year-on-year to S$24.9 million, from S$19.9 million for the three months ended 30 September 2015.

The SGX-listed company said revenue generated from the Group's Real Estate business grew by 25.5 percent to S$15.2 million in the second quarter.

Earnings per share stood rose to 0.49 Singapore cents, from 0.02 Singapore cents in the same period a year ago.

The company said rental revenue generated from investment properties also increased by 24.4 percent to S$5.4 million, with the Group's Star Residences at Star City and The Residence at Pun Hlaing achieving high occupancy rates.

Revenue from the Consumer business, which is driven by its KFC stores, has doubled from S$1.4 million in 2Q2016 to S$2.7 million. The group also said in a statement that borrowings increased to S$145.2 million as at 30 September 2016 as compared to S$89.7 million as at 31 March 2016.

Executive Chairman Serge Pun said Yoma Strategic is well-positioned to continue its growth trajectory, "in tandem with the country's positive developments."

"We will maintain our focus on growing our core businesses to be the engines of growth for the Group and will continue to monetise some non-core assets to generate funds for growth."