• BLand's improved revenue was also driven by increase in overall occupancy rates by the hotels and resorts business segment, increase in property progress billings by property and investment business segment from its project at The Tropika in Bukit Jalil as well as higher new car sales reported by HR Owen.

KUALA LUMPUR (Nov 24): Berjaya Land Bhd (BLand) returned to the black in the first quarter ended Sept 30, 2022 (1QFY2023), posting a net profit of RM8.45 million versus a net loss of RM74.3 million in the same period a year ago.

It posted earnings per share of 0.17 sen for 1QFY2023 against a 1.51 sen loss per share for 1QFY2022, according to BLand's filing with Bursa Malaysia on Nov 24.

Net profit for the quarter under review was due to higher revenue amid improved performances by its business segments after the resumption of international and domestic travels and further relaxation of the Covid-19 standard operating procedures.

Quarterly revenue jumped 77.35% to RM1.71 billion from RM963.04 million on higher revenue from the gaming segment operated by STM Lottery Sdn Bhd — mainly due to higher number of draws conducted, from only eight draws in 1QFY2022 to 46 draws in 1QFY2023.

BLand's improved revenue was also driven by increase in overall occupancy rates by the hotels and resorts business segment, increase in property progress billings by property and investment business segment from its project at The Tropika in Bukit Jalil as well as higher new car sales reported by HR Owen.

Moving forward, BLand said it is cautiously optimistic about its prospects and business operations for the remaining quarters of FY2023, despite having to bear the rising operating costs amid inflationary pressures.

BLand trims stake in BFood to 1.96%

In a separate filing, BLand's wholly owned unit Nural Enterprise Sdn Bhd (NESB) has disposed of a total of 11 million shares, representing about a 0.63% stake, in Berjaya Food Bhd (BFood) for RM9.9 million or 90 sen apiece.

The transaction was carried out on Thursday (Nov 24) via a direct business transaction.

Prior to the disposal, NESB sold a total of 2.92 million BFood shares in the open market, or a 0.17% stake, for RM3.01 million.

Following the disposals, BLand's stake in BFood trimmed to 1.96% from 2.28% as of Oct 18.

Berjaya Corp Bhd's founder Tan Sri Vincent Tan Chee Yioun is major shareholder of BLand, holding a 1.36% direct stake, and BFood, holding a 0.175% direct stake.

BLand's share price closed at 22.5 sen on Thursday — up half a sen or 2.27% — valuing it at RM1.13 billion. BFood, meanwhile, finished up three sen or 2.91% at RM1.06 for a market capitalisation of RM2.06 billion.

SHARE
RELATED POSTS
  1. Hiring of foreign workers now allowed in land warehousing sub-sector
  2. London is top city with the most beautiful homes in Europe, according to Pinterest
  3. IJM Land renovates home for underprivileged family