Berjaya Land back in the black after three straight years of losses

• The group said most of its business segments reported improved performance in FY2023 after the resumption of international and domestic travel and further relaxation of the Covid-19 restrictions.

KUALA LUMPUR (Aug 25): Berjaya Land Bhd (BLand) returned to the black with a net profit of RM148.8 million for the year ended June 30, 2023 (FY2023) on the back of higher revenue, after three consecutive years of losses.

The group had reported net losses of RM242.96 million for FY2022, RM247.64 million for FY2021 and RM36.84 million for FY2020. In FY2019, BLand recorded a net profit of RM154.08 million. 

The group said most of its business segments reported improved performance in FY2023 after the resumption of international and domestic travel and further relaxation of the Covid-19 restrictions.

"In addition, the group has accounted for a dividend  distribution from an associated company in excess of its carrying value amounting to about RM208.1 million," BLand said in its quarterly result announcement to Bursa Malaysia.

The group registered revenue of RM7.28 billion for FY2023, up 20.44% from RM6.04 billion in FY2022.

Besides the turnaround in full-year earnings, BLand also posted profits for all four quarters of FY2023, including a net profit of RM51.91 million for 4QFY2023 versus a net loss of RM133.44 million in 4QFY2022.

The group reported revenue of RM1.94 billion for 4QFY2023, up 11.07% compared with RM1.75 billion for the same quarter of  FY2022.

The group did not declare any dividend for FY2023.

On prospects, BLand said the performance of its business segments is expected to improve on the back of strong consumer spending, rebound of tourism activities and better-than-expected labour market conditions.

As such, the group is cautiously optimistic that the performance of its business operations will be satisfactory in FY2024.

BLand's share price ended  0.5 sen or 1.85% lower at 26.5 sen on Friday (Aug 25), giving the group a market capitalisation of RM1.33 billion.

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