BLand back in the black with RM11.53m earnings

PETALING JAYA: Berjaya Land Bhd (BLand) returned to the black with a net profit of RM11.53mil for the first quarter ended July 31, 2017, after posting a net loss of RM 27.24 mil in the same quarter last year.

The property group attributed its earnings to higher contribution from Berjaya Sports Toto Bhd’s principal subsidiary – Sports Toto Malaysia Sdn Bhd (STMSB) – as a result of a lower prize payout, improved profit from both the property and hotels and resorts businesses arising from higher revenue, and lower finance costs.

BLand’s earnings per share stood at 0.23 sen for the first quarter compared with a loss per share of 0.55 sen in the same quarter last year.

During the quarter in review, the company saw its revenue increasing a marginal 3.2% to RM1.6bil from RM1.55bil in the previous corresponding quarter.

BLand attributed the revenue growth to higher contribution from its unit HR Owen plc.

This is following higher volume of new and used car sales coupled with certain new models available for sale, improved progress billings from its property development and investment business, and better sales from the hotels and resorts business arising from higher overall occupancy and average room rates.

These offset the lower revenue reported by STMSB due to a lower number of draws as compared to the previous year’s corresponding quarter.

BLand said it expected its numbers forecast operation business to remain challenging for the remaining quarters of the financial year ending April 30, 2018.

As for the performance of its hotels and resorts business, it is expected to remain satisfactory while the property market outlook is expected to remain lukewarm.