BLand posts pre-tax profit of RM458m in FY11

PETALING JAYA (June 27, 2011): Berjaya Land Bhd (BLand) posted a slightly lower pre-tax profit of RM458.57 million for the financial year ended April 30, 2011 (FY11) from RM465.79 million a year ago on lower profit contribution from the gaming business due to the impact from the increase in pool betting duty from 6% to 8% in June last year and higher prize payout.

However, the impact was mitigated by the reduction in the 4D Big Special Prize last December.

In addition, certain resorts of the group, which are upgrading certain category of rooms, incurred higher charge out of room refurbishment expenditure in FY11.

The impact on the earnings was partly mitigated by the gain on disposal of an associated company and favourable fair value changes of certain of the group's quoted investments, BLand said on Monday.

Revenue in FY11 was marginally higher at RM4.06 billion against RM4.05 billion a year ago.

On a quarterly basis, BLand's pre-tax profit for the three months ended April 30, 2011 (Q4) was lower at RM105.14 million against RM161.24 million mainly due to the impairment in value of certain property, plant and equipment and quoted investments coupled with loss on partial disposal of equity interest in a subsidiary company and certain quoted investments, as well as share of losses from jointly-controlled entities.

Revenue in Q4 was RM1.06 billion compared with RM1.13 billion a year ago.

"Barring unforeseen circumstances, the directors are of the view that the group's performance for the financial year ending April 30, 2012 will remain satisfactory," BLand said in a statement.

BLand has recommended a final dividend of one sen a share less tax.