Yoma's Q2 profits tumble 97% to $0.3m
Heightened admin expenses exacerbated absent LDR sales.
Yoma Strategic Holdings’ FY16 second quarter profit after tax and minority interests crashed a whopping 97% YoY to $0.3m, according to a report by OCBC. The steep fall was due mainly to absence of land development rights (LDR) sales for Star City Zone C during FY15’s Q2 as well as reduced progress recognition for Star City, and was exacerbated by raised admin expenses in 2QFY16.
Yoma reported that the property market was impacted in the run-up to the elections since buyers dallied over making purchase decisions.
OCBC notes that near-to-mid term outlook for Yoma’s key property development segment remains hazy.