The Myanmar-based conglomerate Yoma Strategic Holdings on Wednesday reported a 54 percent jump in first-quarter net profit, helped in part by the strengthening Singapore dollar against the greenback and higher revenue.
Net profit attributable to shareholders rose to S$2.8 million in the three months ended June 30 compared to S$1.8 million in the corresponding period last year.
Total revenue gained 46.8 percent to $25.8 million in the quarter.
The weakening of the United States dollar against Singapore Dollar and Kyats in the quarter resulted in a S$0.2 million gain in other income along with a S$1.4 million currency translation gain on its borrowings, the company said in a statement.
Revenue from the automotive & heavy equipment and consumer businesses, which contributes nearly 60 percent to group's revenue, rose 54.5 percent to S$15.0 million.
Yoma Strategic, which runs KFC stores in Myanmar, said it has 13 stores in operation and plans to increase the store count to 22 nationwide by March 31, 2018.
"With the government looking to boost the economy and with agriculture and construction being two top priority sectors, we expect to see growth in our New Holland tractor and JCB construction equipment businesses," Executive Chairman Serge Pun said in a statement.
Shares of Yoma Strategic were up 2.5 percent to S$0.605 on the Singapore Exchange.
