BLand net profit RM34.9m in 3Q

KUALA LUMPUR: Berjaya Land Bhd (BLand) reported a net profit of RM34.9 million in its third quarter for financial year ending April 30, 2011, a sharp increase of 207% compared to a net loss of RM8.5 million in the same period a year ago due higher profit contribution from the property sales registered in the current quarter under review.

In a filling to Bursa Malaysia on Tuesday, Mar 22, the company noted that the higher profit was also due to higher contribution from the gaming business operated under Berjaya Sports Toto Bhd.

BLand reported revenue of RM990 million in the quarter under review, compared to RM993.9 million in 3Q2011. Earnings per share stood at 0.70 sen compared to a loss of 0.17 sen a year ago.

For the nine months under review, BLand reported a net profit of RM85 million compared to RM35 million in FY2010, an increase of 142% that was attributed to the gain from the disposal of an associated company amounting to RM53.2 million.

The higher profit was also attributed to higher property sales, higher dividend income received and higher share of profit from associated companies as well as lower share of losses from jointly controlled entities.

Revenue for the nine months under review increase to RM2.99 billion, compared to RM2.92 billion reported in the previous year corresponding period.

On future prospects, the company said that the performance of the remaining quarter of the financial year ending April 30, 2011 would remain satisfactory.