Berjaya Land Bhd records lower pre-tax profit of RM32.32 million

Berjaya Land Bhd records lower pre-tax profit of RM32.32 million

KUALA LUMPUR, March 23 — Berjaya Land Bhd’s pre-tax profit fell to RM32.32 million in the third quarter ended Jan 31, 2016 from RM81.35 million recorded in the same period last year.

The group said its pre-tax profit was registered significantly lower, quarter-on-quarter, mainly due to its four main operating businesses of Sports Toto Malaysia Sdn Bhd (STMSB), motor retailing, property development and investment and operations of hotels and resorts.

“The four businesses reported lower profit contribution caused by lower revenue, higher operating expenses and foreign exchange loss and the impact of the Goods and Services Tax,” it said in a filing to Bursa Malaysia today.

Revenue was higher at RM1.476 billion from RM1.471 billion a year earlier, mainly due to higher progress billings reported by the property development and investment business.

Moving forward, the group said its gaming business would experience challenges although STMSB is expected to maintain its market share in the numbers forecast operator industry.

“The performance of the hotels and resorts business is expected to remain satisfactory while the property market outlook is expected to remain lukewarm,” it said.

— BERNAMA

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