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Tuesday, December 15, 2009

B-Land records RM112.9m pretax for Q2

BERJAYA Land Bhd has recorded a higher pre-tax profit of RM112.9 million for the second quarter ended October 2009, compared to RM49 million last year, mainly due to lower impairment loss on quoted investments and investments in associated companies as well as higher profit contribution from the property development division.

Group revenue for the current quarter was about 7 per cent lower at RM983.1 million compared to RM1.1 billion recorded last year mainly due to lower revenue from the Number Forecast Operator (NFO) business operated by Berjaya Sports Toto Bhd (BToto) which reported stronger sales in the previous year arising from several high Jackpots in the Mega 6/52 game.

The hotels and resorts division also reported lower revenue affected by the outbreak of Influenza A(H1N1) and the global economic conditions.

For the 6-month period ended 31 October 2009, the Group reported a drop in revenue of about 4 per cent to RM1.9 billion and pre-tax profit increased by about 75 per cent to RM232.8 million compared to the corresponding period last year.
The lower revenue was mainly due to lower revenue contributions from the NFO and hotels and resorts businesses in the Group.

Pre-tax profit was much higher due to substantial write-back of impairments in value of investments in associated companies and quoted investments and gain on capital distribution by an associated company.

In the previous year, the Group incurred substantial impairments in value of investments in associated companies and quoted investments due to the then poor stock market performance.

"Given the uncertain global economic conditions, the Directors envisaged that the property market will be soft and the operating performance of the hotels and resorts and business may also continue to be affected by the outbreak of Influenza A(H1N1). However, the NFO business under BToto is expected to remain resilient," the company said in a statement.

With this backdrop and barring unforeseen circumstances, the the Group’s operating performance for the remaining quarters of the financial year ending 30 April 2010 are expected to remain satisfactory, it added.

By Business Times

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