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Berjaya Land records lower revenue for 3Q2010

PETALING JAYA: Berjaya Land Bhd recorded lower revenue of RM993.9 million in its third quarter ended Jan 31, 2010 (3Q2010), compared with RM1.16 billion in the previous corresponding quarter. This was mainly due to lower revenue reported by the Number Forecast Operator (NFO) business operated by Berjaya Sports Toto Bhd and the hotels and resorts division.

In spite of the lower revenue, the group’s pre-tax profit for 3Q2010 was still marginally higher at RM79.7 million compared with RM78.9 million for the same period last year due to higher profit contribution from the property development division, higher share of profits from associated companies and lower finance costs, said the group in a statement on March 22.

For the first nine months ended Jan 31, 2010, the group reported a drop in revenue of about 8% to RM2.9 billion but pre-tax profit increased by about 48% to RM312.4 million compared with the same period last year.

Given the improving economic conditions, the company’s directors envisage the property market and the hotels and resorts businesses are expected to rebound.

“With this backdrop and barring unforeseen circumstances, the Board is of the view that the Group’s operating performance for the remaining quarter of the financial year ending April 30,2010, will remain satisfactory,” the group noted.
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