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Tuesday, March 22, 2011

BJLand 3Q net profit rises to RM34.9m

KUALA LUMPUR: BERJAYA LAND BHD posted net profit RM34.91 million for its third quarter ended Jan 31, 2011 compared to net loss RM8.57 million a year earlier, due mainly to higher profit contribution from the gaming business operated under BERJAYA SPORTS TOTO BHD (BToto).

Revenue for the quarter declined to RM990.59 million from RM993.96 million last year. Earnings per share improved to 0.70 sen from loss per share of 0.17 sen, while net assets per share was RM1.04.

For the nine months ended Jan 31, BJLand’s net profit jumped to RM85.13 million from RM35.42 million, on the back of revenue RM2.99 billion.

Reviewing its performance, BJLand said its property development and investment business also reported higher profit contribution from the property sales registered in the current quarter under review.

The group also reported higher dividend income from its quoted investments, it said.

“In the preceding year corresponding quarter, the group incurred impairment in value of certain investment in associated companies and quoted investments,’ it said on Tuesday, March 22.

BJLand said the higher net profit for the nine-month period was due mainly to the exceptional gain arising from the disposal of an associated company amounting to RM53.2 million; higher property sales from property development business; higher dividend income received from certain quoted investments of the group; and higher share of profit from associated companies as well as lower share of losses from jointly controlled entities.

The company said its performance for the remaining quarter of the financial year ending April 30, 2011 would remain satisfactory.

By The EDGE Malaysia

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