Berjaya Land dips 3.85% on poor 2Q earnings

KUALA LUMPUR (Dec 21): Berjaya Land Bhd (BLand), the controlling shareholder of Berjaya Sports Toto Bhd, fell 3.85% this morning after it posted a net loss of RM99.92 million in the second financial quarter ended Oct 31, 2017 (2QFY18) compared with a net profit of RM180.47 million in 2QFY17, though revenue only slid marginally to RM1.61 billion from RM1.62 billion.

At 9.16am, BLand fell 1.5 sen to 37.5 sen with 298,300 shares done.

The losses were caused by the provision for impairment of balance of sales proceeds from the sale of Berjaya (China) Great Mall Co Ltd (GMOC), which amounted to RM155.08 million. Without that, the property developer would have reported a pre-tax profit of RM59.18 million in 2QFY18.

Its earnings performance was also due to lower profit margins earned on new car sales by its 98.38%-owned H.R. Owen Plc. — theedgemarkets.com

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