KUALA LUMPUR, May 31 — Berjaya Corporation Bhd’s net profit for the third quarter ended March 31, 2024 (3Q 2024) surged to RM694.58 million from RM3.26 million posted in 3Q 2023, driven by gain on disposal of subsidiary company amounting to RM497.91 million.
The improved results was also due to gain on remeasurement of retained equity interest in a former subsidiary company of about RM154.05 million, the company said in a filing with Bursa Malaysia today.
It said revenue soared to RM2.78 billion from RM2.50 billion previously, mainly due to higher contributions from all segments, except for the food retail segment.
Berjaya Corp said its property segment reported higher revenue in the current quarter, mainly due to higher sales of overseas residence units compared to the previous year corresponding quarter, while higher hospitality segment revenue driven by higher overall average room rates and higher overall occupancy rates.
It said services segment posted higher revenue due to higher earnings recorded from the managed telecommunications network services (MTNS) and cloud and Internet-of-Things business, while the gaming business, operated by STM Lottery Sdn Bhd recorded higher revenue due to higher sales per draw coupled with an additional draw conducted.
Meanwhile, for the nine-month period ended March 31, 2024 (9M 2024), Berjaya Corp posted a net profit of RM594.03 million from a net loss of RM37.97 million in 9M 2023, while revenue improved to RM7.58 billion against RM7.08 billion previously.
It said the improved revenue in the current period was mainly due to higher contributions from all business segments.
On prospects, Berjaya Corp said the performance of the domestic business segments of the group is expected to improve on the back of strong consumer spending and improvement in tourism activities.
“As for the gaming business, the closure of legal number forecast operation outlets in Kedah and Perlis will result in the proliferation of illegal operators in these underserved areas.
“Taking into account the aforesaid and barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarter of the financial year ending June 30, 2024 will be satisfactory,” it added. — Bernama