BLand swings to profit in Q3 on contributions from gaming, hotel and automotive

PETALING JAYA: Berjaya Land Bhd (BLand) posted a pretax profit of RM88.18 million in the third quarter ended March 31, 2022 compared with a net loss of RM17.21 million a year ago mainly contributed by higher profit contribution from its gaming business segment, positive contribution from all the other main business segments and a gain on disposal of investment properties amounting to RM22.4 million in the current quarter.

The group registered a revenue of RM1.91 billion compared with a revenue of RM1.24 billion in the previous year corresponding quarter mainly due to the gaming business segment operated by STM Lottery Sdn Bhd (formerly Sports Toto Malaysia Sdn Bhd), the higher overall occupancy and average room rates reported by the hotels and resorts business segment as well as higher sales recorded from both new and used car sectors reported by HR Owen.

For the nine months period, BLand registered higher pretax profit of RM46.58 million compared with a pretax profit of RM30.58 million a year ago mainly due to higher revenue reported by the hotel and resorts business segment and HR Owen. Group revenue was also higher at RM4.3 billion versus RM4.17 billion previously.

Barring any unforeseen circumstances, the directors expect the performance of the business operations of the group for the final quarter of the financial year ending June 30, 2022 to be satisfactory, despite having to bear the rising operating costs going forward.