Berjaya Corp registers RM2.17 billion revenue in Q3

PETALING JAYA: Berjaya Corp Bhd (BCorp) saw a slight dip of 2.25% in revenue to RM2.17 billion for the third quarter ended January 31, 2018 from RM2.22 billion a year ago, mainly due to lower revenue achieved by the property investment and development segment.
In the quarter under review, the group recorded a pre-tax profit of RM6.35 million against the RM83.86 million reported in the previous year's corresponding quarter due to the lower net investment related income.
For the cumulative period of nine months, BCorp recorded a pre-tax loss of RM84.86 million against a pre-tax profit of RM563.95 million, due to the provision for impairment on a portion of the balance of Berjaya (China) Great Mall Co Ltd (GMOC) project sales proceeds, unrealised forex loss, higher pre-tax loss of the retail distribution business as well as lower pre-tax profit reported by the property investment and development business.
Revenue for the period fell 5% to RM6.56 billion from RM6.9 billion on the back of lower contribution from the property investment and development segment and marketing of consumer products and services segment.
The retail distribution business also reported lower revenue due to weak consumer spending sentiment as a result of unfavourable economic conditions in China, Malaysia and Hong Kong, as well as the intense competition in China.
Given the prevailing economic conditions and global financial outlook, BCorp is of the view that the operating environment will be challenging going forward.