PETALING JAYA: Berjaya Assets Bhd’s (BAssets) revenue for the fourth quarter ended June 30, 2022 jumped 60% to RM61.21 million from RM38.23 million a year ago mainly due to higher revenue reported by hotel, recreation, gaming and property investment business segments from the higher sales of theme park tickets, higher number of draws and higher occupancy rates respectively.
In the previous year corresponding quarter, Natural Avenue Sdn Bhd (NASB), which operated the gaming business segment, had to cancel a total of 17 draws due to the imposition of movement control order (MCO).
BAssets’ net loss also narrowed to RM30.38 million due to lower impairment in fair value of investment properties; and higher revenue recorded by the gaming and hotel, property investment ad well as recreation business segments.
For the full year, BAssets reported slightly lower revenue of RM174.04 million mainly due to the cancellation of all 45 draws for the entire three-month period from July 1, 2021 to Sept 30, 2021, which resulted in nil revenue being registered by NASB during the implementation of the Phases 1 and 2 of National Recovery Plan (NRP).
The authorities in Sarawak had allowed the number forecast operation (NFO) operators in Sarawak to operate from Oct 1, 2021 onwards. In the previous financial year, NASB had conducted 155 draws during the recovery MCO. In addition, the property investment business segment reported lower revenue due to temporary business closures for most part of the first three months in the current financial year under review due to the implementation of Phases 1 and 2 of NRP.
Its net loss narrowed to RM54.94 million due to lower impairment in fair value of investment properties; and lower operating expenses incurred by property investment, hotel and recreation business segments.
Currently, Malaysia has transitioned to the endemic phase of Covid-19 with the full resumption of business and social activities, and the re-opening of international borders. The recovery of the domestic economy is now anticipated to accelerate going forward.
“Whilst the directors are cautiously optimistic on the recovery of the domestic economy, the operating results of the group for the financial year ending June 30, 2023 is expected to remain challenging as the business operations have not returned to the level prior to the pandemic,“ BAssets said.