Berjaya Land Cautiously Optimistic After Better Q3 Earnings

Berjaya Land registered a revenue of RM1.95 billion and profit after tax of RM70.72 million in the current quarter ended 31 March 2024 as compared to a revenue of RM1.94 billion and profit after tax of RM18.0 million in the previous year corresponding quarter.

The group said the higher revenue recorded through income from hotels and resorts business segment where revenue was recorded due to higher overall average room rate and higher overall occupancy rate during the current quarter under review with the rise in tourist arrivals, boosted by visa exemption for certain countries.

H.R. Owen Plc (“H.R. Owen”) reported a higher after sales revenue due to favorable foreign exchange effect, when converted into Ringgit Malaysia. In addition, a stronger profit margin earned was also reported from new car sales as well as profit improvement from full resumption of its aftersales operations. Higher revenue reported by STM Lottery Sdn Bhd also
contributed to the higher Group revenue.

The gain on deemed disposal of partial equity interest in an associated company amounted to RM42.50 million and the resultant gain on re-measurement of retained equity interest in a former associated company amounted to RM56.89 million in this current quarter.

Looking ahead for the rest of the year, BLand said barring any unforeseen circumstances, the Directors are cautiously optimistic that the performance of the business operations of the Group for the remaining quarter of the financial year ending 30 June 2024 to be satisfactory.

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