PETALING JAYA: Berjaya Land Bhd (BLand) recorded a net profit of RM181.48 million in the three-months ended April 30, 2019 compared with a net loss of RM92.15 million a year ago due to higher investment related income.
In a filing with Bursa Malaysia, the group said that the higher investment related income was from the gain on disposal of a joint venture amounting to about RM192 million.
The group had also accounted for an additional impairment on the balance of Berjaya (China) Great Mall Co Ltd (GMOC) Project sales proceeds amounting to RM8 million, to account for the three-month time delay in GMOC’s arbitration proceedings.
“In addition, in the previous year corresponding quarter, the group had accounted for impairment of the balance sales proceeds of GMOC Project, loss on partial disposal of interest in an associated company and unfavourable fair value changes of quoted investments,” it said.
During the three-months period, profit from operations was higher due to the higher profit contribution from Sports Toto Malaysia Sdn Bhd arising from lower prize payout and operating expenses incurred.
BLand’s revenue rose 3.41% to RM1.64 billion from RM1.59 billion a year ago thanks to the higher gaming revenue reported by Sports Toto Malaysia, despite the lower number of draws.
The higher revenue was also driven by higher new models vehicle sales reported by H.R. Owen Plc and higher revenue reported by the hotels and resorts segment as a result of higher average room rate despite the overall lower occupancy rate.
For the 12-month period ended April 30, 2019, the group recorded a net profit of RM182.53 million compared with a net loss of RM190.29 million a year ago underpinned by the RM192 million gain on disposal of a joint venture and favourable foreign exchange.
Meanwhile, revenue for the period fell 1.90% to RM6.24 billion from RM6.36 billion.
BLand expects the results of the number forecast operation business to be satisfactory and that it will continue to maintain its market share for the remaining two months of the financial period ending June 30, 2019.
It also foresees the performance of the hotels and resorts as well as property development business segments to remain satisfactory.
