Berjaya Land posts RM33.8m net profit in Q3

PETALING JAYA: Berjaya Land Bhd posted a net profit of RM33.8 million for the third quarter ended Jan 31, 2017 (Q3’17), from a net loss of RM21 million in the previous corresponding quarter.
In a filing with Bursa Malaysia yesterday, the group said this was mainly due to higher profit contribution from the property development and investment business, HR Owens Plc (arising from higher sales volume of certain car models), and lower finance cost incurred during the quarter.
Revenue was up 3.8% to RM1.53 billion, compared with RM1.48 billion in the same period last year.
For the nine months period, the group’s net profit down 5.2% to RM187 million, against RM197.2 million a year ago, while revenue increased 2.6% to RM4.7 billion, from RM4.58 billion previously.
On prospects, the group said the intense competition from the illegal gaming activities coupled with rising costs which led to weaker consumer sentiments continue to post challenges to the businesses of the BToto Group.
“Under the foregoing circumstances, the directors are of the view that the operating performance of the group will continue to remain challenging in the remaining quarter of the financial year ending April 30, 2017,” it added.