BLand returns to the black in second quarter

KUALA LUMPUR: Berjaya Land Bhd (BLand) posted RM26.8 million in net profit for the second quarter ended Oct 31 compared to a net loss of RM1.48 million a year earlier due to higher revenue from its gaming and hospitality businesses.

Revenue increased 6.6% to RM1.05 billion compared with RM988.6 million a year earlier. Basic earnings per share (EPS) was 0.54 sen versus a basic loss per share of 0.03 sen.

In its filing with Bursa Malaysia yesterday, BLand said the improved earnings was due to stronger sales and higher number of draws by its principal subsidiary, Sports Toto Malaysia Sdn Bhd (STM).

The group also benefited from higher room rates during the quarter while its property arm experienced higher progress billings of several residential and commercial developments.

"In addition, the group incurred lower finance costs and lower impairment in value in quoted investments in the current quarter," it said.

For the six-month period, BLand's net profit expanded to RM33.7 million from RM401,000 a year earlier.

Revenue grew 6% to RM2.1 billion from RM1.98 billion while net EPS improved to 0.68 sen from 0.01 sen.

This story first appeared in The Edge Financial Daily edition of Dec 21, 2012.