BCorp registers RM2.17b in Q3 revenue

PETALING JAYA: Berjaya Corp Bhd (BCorp) saw a slight dip in revenue to RM2.17 billion for the third quarter ended Jan 31, 2018 from RM2.22 billion a year ago, mainly due to lower revenue achieved by the property investment and development segment.

In the quarter under review, the group recorded a pre-tax profit of RM6.35 million against the RM83.86 million reported in the previous year’s corresponding quarter due to the lower net investment-related income, despite recording higher profits from operations.

Included in the investment-related income in the previous year’s corresponding quarter was the substantial gain from the disposal of an associated company (Taiga Building Products Ltd) of about RM98.83 million.

For the cumulative period of nine months, BCorp recorded a pre-tax loss of RM84.86 million against a pre-tax profit of RM563.95 million, due to the provision for impairment on a portion of the balance of Berjaya (China) Great Mall Co Ltd (GMOC) project sales proceeds, unrealised forex loss, higher pre-tax loss of the retail distribution business as well as lower pre-tax profit reported by the property investment and development business.

Revenue for the period fell to RM6.56 billion from RM6.9 billion on the back of lower contribution from the property investment and development segment and marketing of consumer products and services segment.

The retail distribution business also reported lower revenue due to weak consumer spending sentiment as a result of unfavourable economic conditions in China, Malaysia and Hong Kong, as well as the intense competition in China.

Given the prevailing economic conditions and global financial outlook, BCorp is of the view that the operating environment will be challenging going forward.