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KUALA LUMPUR: Berjaya Land Bhd (BLand) saw its net profit fall 28% to RM56.1 million in the quarter ended July 31, 2011 from RM77.9 million in the corresponding quarter last year despite an increase in revenue to RM1 billion from RM978.9 million during the same period.
The group, which released its interim quarterly results to Bursa Malaysia on Thursday, Sept 22, attributed the drop in earnings to several factors.
They are lower contribution from the hotels and recreation business due to lower occupancy rates resulting from lower tourist arrivals and lower sales from the meetings, incentives, conferences and exhibitions (MICE) sector; the impairment of the quoted equity investments available for sale and unfavourable changes in the fair values of quoted equity investments.
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