Berjaya Land 4Q net loss widens to RM126m despite higher revenue

KUALA LUMPUR (Sept 23): Berjaya Land Bhd said its net loss widened to RM126.34 million in the fourth quarter ended June 30, 2021 (4QFY21), from RM108.54 million a year earlier, as the lockdown restrictions impacted its business operation.

This was despite quarterly revenue surging by 128.14% to RM1.24 billion from RM541.58 million, the property developer said in a filing with Bursa Malaysia yesterday.

The group attributed the jump in revenue to higher earnings from its gaming operations and motor vehicle dealerships, and higher occupancy rates at its hotels and resorts in Malaysia.

On a quarter-on-quarter basis, the group's net loss widened from RM50.78 million in the immediate preceding quarter while revenue was about the same at RM1.24 billion.

For the full financial year, Berjaya Land's net loss widened further to RM250.64 million from RM36.84 million in FY20, while revenue inched up 4.73% to RM5.4 billion from RM5.16 billion.

On its outlook, the group said notwithstanding the initiatives launched to counter the impact of the pandemic, the economy is expected to recover at a slower pace in view of the prevailing weak business environment and consumer sentiments.

"The directors expect the performance of the business operations of the group for the financial year ending June 30, 2022 will gradually move into the recovery phase with the expected opening of businesses soon," it said.

Shares in Berjaya Land finished 0.5 sen or 2% higher at 25.5 sen yesterday, valuing the property developer at RM1.28 billion.

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