Berjaya Land Q1 earnings up 44%

PETALING JAYA: Berjaya Land Bhd’s (BLand) net profit for the first quarter ended July 31 rose 43.8% to RM16.58 million from RM11.53 million a year ago mainly due to Sports Toto Malaysia Sdn Bhd (STMSB) reported higher profit contribution from lower prize payout and operating expenses; and lower finance costs.
Its revenue also jumped 1.2% to RM1.62 billion compared with RM1.60 billion in the previous year’s corresponding quarter, mainly due to higher new vehicle sales volume reported by HR Owen Plc; and higher revenue from the gaming business segment operated by STMSB.
The directors expect the number forecast operation (NFO) business to be satisfactory and will continue to maintain its market share for the remaining quarters of the financial year ending April 30, 2019. The performance of the hotels and resorts business is also expected to remain satisfactory whilst the property market outlook is expected to remain lukewarm.
“The group also expects to record a significant gain upon the successful disposal of the proposed Berjaya Vietnam International University Town One Member Ltd Liability Co (disposal) and proposed Vietnam subsidiary disposal accordingly in due course, going forward,” BLand said.