PETALING JAYA: Berjaya Land Bhd (BLand) registered revenue of RM1.95 billion and profit after tax of RM70.72 million in the third quarter ended March 31, 2024 compared to a revenue of RM1.94 billion and profit after tax of RM18 million in the previous year corresponding quarter.
The higher group revenue recorded through income from hotels and resorts business segment was due to higher overall average room rate and higher overall occupancy rate during the quarter under review with the rise in tourist arrivals, boosted by visa exemption for certain countries.
H.R. Owen Plc reported a higher after-sales revenue due to favourable foreign exchange effect, when converted into ringgit. In addition, a stronger profit margin earned was also reported from new car sales as well as profit improvement from full resumption of its after-sales operations. Higher revenue reported by STM Lottery Sdn Bhd also contributed to the increased group revenue.
The gain on deemed disposal of partial equity interest in an associated company amounted to RM42.50 million and the resultant gain on re-measurement of retained equity interest in a former associated company amounted to RM56.89 million in this current quarter.
BLand said it will monitor the prevailing global and local political developments in the countries where the group has business operations.
The performance of the domestic business segments of the group is expected to improve on the back of strong consumer spending and improvement in tourism activities.
Taking into account of the aforesaid and barring any unforeseen circumstances, BLand directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarter of the financial year ending June 30, 2024 will be satisfactory.
