PETALING JAYA: Berjaya Land Bhd’s (BLand) pre-tax profit for the third quarter ended Jan 31 fell 22.5% to RM67.34 million from RM86.84 million a year ago as Sports Toto Malaysia Sdn Bhd (STMSB) reported higher prize payout along with its lower revenue.
BLand also recorded lower share of profit from associate companies, mainly from Berjaya Kyoto Development (S) Pte Ltd (BKDS) on the back of lower registered sales of residences.
BLand’s revenue for the quarter decreased 6% to RM1.47 billion from RM1.56 billion, mainly attributable to the marginal drop in gaming revenue reported by STMSB; lower revenue from HR Owen Plc due to lower sales from the used car sector; lower progress billings from the property development segment; and lower revenue reported by the hotels and resorts segment from lower overall occupancy rates.
For the nine-month period, BLand’s pre-tax profit almost tripled to RM265.45 million from RM90.51 million in the previous year’s corresponding period, with revenue declining 3.7% to RM4.60 billion from RM4.78 billion.
Its directors expect the number forecast operation business to be satisfactory and that it will continue to maintain its market share for the remaining quarter of the financial year ending April 30. The performances of both hotels and resorts and property development business segments are expected to remain satisfactory.
The group also expects to record a significant gain upon the successful disposals of Berjaya Vietnam International University Town One Member Limited Liability Company, a Vietnamese subsidiary and TPC Nghi Tam Village Ltd.
Source: The Sun Daily