PETALING JAYA: Berjaya Assets Bhd (BAssets) returned to profitability with a net profit of RM2.4 million for its first quarter ended Sept 30, 2019 against a net loss of RM300,000 in the corresponding quarter of the previous year, attributed to lower operating expenses incurred by its property development & property investment business and hotel & recreation business segment.
Revenue for the quarter declined 1.2% to RM72.97 million from RM73.86 million previously, mainly due to lower average room rates, lower food and beverage sales as well as lower theme park tickets sales.
Given the prevailing economic conditions and financial outlook, BAssets expects the property investment and hotel and related businesses to maintain its occupancy rates and market share going forward, according to its filing with Bursa Malaysia.
It foresees the operating performance for the remaining quarters in the financial year ending June 30, 2019 will be challenging.
