The Serge Pun controlled Yoma reported third quarter earnings which continue to impress.
Revenue for 3Q FY2013 up 32.1% to S$12.99 million, surpassing revenue of S$9.83 million recorded in the previous corresponding period ("3Q FY2012"). The Group's real estate business continued to be the main revenue contributor for 3Q FY2013 with the sale of residences and land development rights ("LDRs") making up approximately 93.4% of the total Group revenue. We are able to capitalise on the demand for quality residences in Yangon and we will continue to bring to market good quality projects in Myanmar and build on our reputation as a world-class developer. "
Gross profit margin increased 23.4 percentage points from 25.7% in 3Q FY2012 to 49.1% in 3Q FY2013, as a result of higher selling prices of LDRs and residences which climbed approximately 30%-35% year-on-year.
The shares traded up on the news initially but have since pulled back. Again I hold a small position but this is definitely overvalued. Nevertheless it is a window into Myanmar and the potential that exists there.