"That momentum gained further impetus in April and May of 2011 following the inauguration of the new government. It is noteworthy that in the first two months of the current financial year (April and May 2011) in FMI Orchid Garden alone, we have already sold 26 lots of LDRs with a total square feet of 214,928, which is more than the 17 lots of LDRs with a total square feet of 116,530 sold in FY2011."

Dear Shareholders,
As we celebrate our 5th anniversary as a listed company, it would be befitting to state that this has been an important turnaround year for the Company and the Group. I am pleased to report that despite all the challenges that we faced in Myanmar and China, the Group reported a Net Profit Attributable to Shareholders of S$2.79 million for the financial year ended 31 March 2011 ("FY2011"). This compares favourably against a Net Profit Attributable to Shareholders of S$0.53 million for the preceding financial year ("FY2010").

FY2011 Highlights
For FY2011, the Group's overall revenue increased 142% to S$11.22 million compared to S$4.64 million in FY2010. The huge jump in revenue was mainly contributed by the significant increase in sales of housing and Land Development Rights ("LDRs") in Myanmar from S$3.19 million in FY2010 to S$10.24 million in FY2011.

As at 31 March 2011, the Group had lower borrowings amounting to S$4.25 million as compared to S$7.61 million as at 31 March 2010, as a result of full repayment of the loan in respect of plantation equipment financing for our agriculture business. The Group generated S$1.31 million of cash from operations and cash and cash equivalents amounted to S$2.51 million as at 31 March 2011. The net asset value per ordinary share stood at S$0.247 for FY2011 compared to S$0.246 recorded in FY2010.

During the last quarter of FY2011, we witnessed the change in the political landscape of Myanmar following the peaceful elections in November 2010. With the formation of the new government at the end of March 2011, we are optimistic that economic development will take centre stage in the next five years of nation building and national development.

Real Estate Business
Since the beginning of the year, we have witnessed a marked increase in the sales of our LDRs in both of our real estate projects in Myanmar. That momentum gained further impetus in April and May of 2011 following the inauguration of the new government. It is noteworthy that in the first two months of the current financial year (April and May 2011) in FMI Orchid Garden alone, we have already sold 26 lots of LDRs with a total square feet of 214,928, which is more than the 17 lots of LDRs with a total square feet of 116,530 sold in FY2011.

Barring any unforeseen circumstances, we expect the real estate sector to be buoyant and sales of our LDRs to be active for the remainder of the financial year ending 31 March 2012 ("FY2012").

The real estate market in China was still buoyant during FY2011 with a steady increase in real demand especially in second and third-tier cities. However, the general market was heavily overcast with numerous measures implemented by the central government in an effort to prevent a property bubble. The result has been a rather confused and cautious market. Notwithstanding this, our stake in the Grand Central project in Dalian continued to hold its value and in fact recorded an increase in valuation based on a valuation report by an international firm dated 5 January 2011. Furthermore, the occupancy rates for the service apartment, lifestyle centre and office tower have improved during FY2011, standing at approximately 91%, 61% and 26% respectively, as at 31 March 2011.

Design and Project Management Business
Our fee earning businesses relating to real estate, namely, design and project management services, received a boost with the incorporation of our new subsidiary, Tol & SPA Design. This collaboration allows SPA Design to tap on the more than 20 years of extensive experience of Toland Williams of Australia to expand the Group's design business.

For FY2011, our design and project management business remained stable during the year with the bulk of activities in Myanmar. We expect this trend to continue into FY2012.

Agriculture Business
On the jatropha front, we continue to move steadily forward in the cultivation of this biodiesel crop as it still holds promise with an increasing demand for jatropha seeds for both R&D and commercial purposes. New methods of extracting oil from jatropha seeds efficiently are also being developed. In addition, in order to maximise our investment returns from Plantation Resources Pte. Ltd., we have been looking into the cultivation of other alternative crops such as rubber and paper trees, as well as certain food crops at our Maw Tin estate. Negotiations with interested parties for these alternative crops are in progress and we look forward to future diversification of our agriculture business.

Automobile Distribution Business
Last year, YSH entered into a conditional 10-year tripartite strategic cooperation agreement (the "Tripartite Agreement") with Dongfeng Automobile Co., Ltd ("DFAC") and Guangdong Machinery Imp. & Exp. Co., Ltd. ("GMG") to establish and develop the sales and distribution of Dongfeng light trucks in Myanmar, with the intention to ultimately progress to assembly and manufacturing.

Under the Tripartite Agreement, YSH has the exclusive distribution rights for all Dongfeng light trucks in Myanmar and will procure the necessary import permits from the relevant Myanmar authorities, establish sales and post sales service centres as well as promote the Dongfeng brand in the Myanmar automobile market.

I am pleased to report that our first batch of imported Dongfeng trucks are now on display in Myanmar and we look forward to an active year of sales and an acceleration towards assembly and manufacturing in the future.

New Appointments
Firstly, I would like to take this opportunity to welcome my son, Mr Cyrus Pun Chi Yam, to the Board. He was my alternate director while taking charge of corporate development for the past year. On 21 February 2011, he was appointed an Executive Director on the board. Cyrus will continue to be responsible for corporate development.

Secondly, I would like to welcome Mr Richard Neo, who was appointed Group General Manager on 3 January 2011. Richard has 25 years of working experience in a major international trading house as the Head of Business Department where he was mainly responsible for developing and implementing business policies. In his role at Yoma, Richard is tasked with taking charge of the daily operations of the Group and will submit timely operation reports to the Board.

Lastly, I wish to thank the shareholders, management, staff and all our associates and business partners for their continued support as we seek out to realise the opportunities that lie ahead of the Group in the coming year.

Serge Pun
Chairman & CEO
30 June 2011

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