Yoma Strategic warns it expects to report fiscal 2Q loss

Yoma Strategic warned Friday it expects to report an overall loss for the fiscal second quarter ended 30 September due to efforts to sell its investment in a China mall.

“The group has initiated ongoing discussions with potential buyers to dispose of its investment in The Grand Central Shopping Mall in Dalian, China,” Yoma said in a filing to SGX.

The investment has been reclassified as “disposal group classified as held-for-sale” as at 30 September, causing a fair value loss of around US$32 million, Yoma said. The fair value loss is non-recurring, it added.

The decision to dispose of the investment was due to efforts to recycle capital from non-core assets into more attractive opportunities in Myanmar, and on concerns over China’s retail outlook, Yoma said.

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