Berjaya Land returns to black in 3Q amid higher revenue

• The group also saw higher property progress billings from its property development and investment business segment, coming from its project at The Tropika, Bukit Jalil.
• This was on top of higher revenue arising from the disposal of several parcels of land, the group said in its bourse filing.

KUALA LUMPUR (May 25): Berjaya Land Bhd (BLand) posted a net profit of RM4.05 million in the third quarter ended March 31, 2023 (3QFY2023), versus a net loss of RM7.44 million a year earlier, on the back of higher revenue.

The group registered earnings per share of 0.08 sen, against a loss per share of 0.15 sen previously.

Revenue rose mildly to RM1.93 billion from RM1.91 billion in 3QFY2022 amid higher overall occupancy and average room rates from its hotels and business segment.

The group also saw higher property progress billings from its property development and investment business segment, coming from its project at The Tropika, Bukit Jalil.

This was on top of higher revenue arising from the disposal of several parcels of land, the group said in its bourse filing.

Revenue from its gaming business, however, declined due to a lesser number of draws of 41 versus 42 in 3QFY2022.

For the first nine months of FY2023, BJLand logged a net profit of RM96.89 million, against a net loss of RM105.67 million in the previous corresponding period.

Nine-month revenue rose 24.19% to RM5.34 billion from RM4.30 billion.

“The performance of the business segments of the group is expected to improve on the back of strong consumer spending, rebound of tourism activities and better-than-expected labour market conditions.”

“Taking into account of the aforesaid and barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarter of the financial year ending June 30, 2023 to be satisfactory.”

BLand said the group will continue to be vigilant and navigate carefully through changes in government policies, with regards to the number forecast operator business industry in Malaysia.

BLand's share price closed unchanged at 26 sen on Thursday (May 25), valuing the group at RM1.28 billion.