Berjaya Corp active, falls 6.3% following report of third straight quarterly loss

KUALA LUMPUR (April 2): Berjaya Corp Bhd shares fell as much as 6.3% this morning, after the group reported a net loss for the third straight quarter.

At 10.27am, the counter was the fifth most traded on the local bourse after seeing a total of 30.39 million shares done. The stock was traded at 30.5 sen — still one sen or 3.2% down — giving it a market capitalisation of RM1.48 billion.

This followed news from last Friday when the diversified group owned by tycoon Tan Sri Vincent Tan posted a net loss for its third financial quarter ended Jan 31, 2018 (3QFY18), dragged by the provision for impairment related to the sale proceeds of the Great Mall of China (GMOC) project and the loss from the partial disposal of an associate company.

The provision for impairment, which is attributable to the group, is from the 37% effective equity interest in GMOC, amounting to about RM57.85 million.

This resulted in a net loss of RM92.5 million or a 1.6 sen loss per share in the quarter, compared to a net profit of RM22.89 million or 0.47 sen earnings per share a year ago.

Quarterly revenue slipped 2.25% to RM2.17 billion from RM2.22 billion due to lower revenue by the property investment and development business segments.

For the cumulative nine-month period (9MFY18), Berjaya Corp saw a net loss of RM281.89 million compared to RM136.71 million net profit; while revenue dipped 5.03% to RM6.56 billion from RM6.9 billion in 9MFY17.

The group said pre-tax loss for the period was also due to unrealised foreign exchange loss, higher pre-tax loss from retail distribution business, and lower pre-tax profit by the property investment and development business. — theedgemarkets.com

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