Berjaya Assets posts revenue of RM85.8m for fourth quarter

PETALING JAYA: Berjaya Assets Bhd’s (BAssets) revenue for the fourth quarter ended June 30, 2017 fell 13% to RM85.83 million from RM98.33 million a year ago, mainly due to the gaming business segment operated by Natural Avenue Sdn Bhd (NASB), which continued to be impacted by rampant illegal gaming activities.
The group registered lower pre-tax loss in the current quarter under review mainly due to lower non-cash impairment of goodwill, higher favourable fair value changes of investment properties, gain on disposal of certain quoted shares and finance income arising from the initial recognition of a financial liability at fair value as compared to the previous year corresponding quarter. Its net loss narrowed to RM36.67 million from RM65.75 million in the previous year’s corresponding quarter.
For the full-year period, BAssets’ revenue dropped 8% to RM356.36 million from RM387.09 million a year ago. Its net loss narrowed to RM11.12 million from RM54.12 million.
Given the current economic conditions and financial outlook, the group expect the property investment and hotel and related businesses operated by Berjaya Times Square Sdn Bhd and the gaming business operated by NASB to maintain its occupancy rates and market share respectively going forward.
“The directors envisage that the operating performance of the group for the financial year ending June 30, 2018 will be challenging,” it added.