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Tuesday, September 29, 2009

Berjaya Land Q1 profit jumps 76pc

The property developer posts a net profit of RM78.11 million in the first quarter, with sales falling slightly by 1.17 per cent to RM952.63 million

Property developer Berjaya Land Bhd (BLand) said first-quarter net profit jumped 76 per cent from last year, as earning contributions from its gaming business was able to offset the lower profit contribution from the hotel and resorts division.

It registered a net profit of RM78.11 million in the first quarter, compared with RM44.37 million same period last year. Sales declined marginally by 1.17 per cent, to RM952.63 million during the quarter.

"The lower revenue was mainly due to the lower revenue reported by the hotel and resorts division that was adversely affected by the outbreak of A(H1N1) influenza as well as the prevailing global economic crisis.

"The higher profit for the current quarter was mainly attributed to the higher profit contribution from the gaming business arising from lower prize payout and significant net investment related income," said BLand in a Bursa Malaysia filing yesterday.
However, compared against fourth quarter last financial year, sales were lower mainly due to lower sales from its gaming business, while net profit was higher against fourth quarter ended April 30 2009, mainly due to higher profit contribution from its hotel and resort division.

BLand has some 47 per cent stake in number forecast operator Berjaya Sports Toto Bhd.

The company expects the financial performance for its remaining quarters to be "satisfactory".

BLand shares closed unchanged at RM3.78 yesterday.

By Business Times

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