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Property News

BCorp posts net loss in 4Q on higher tax expenses

KUALA LUMPUR (Aug 29): Berjaya Corp Bhd (BCorp) posted a net loss of RM79.33 million in the fourth quarter ended June 30, 2023 (4QFY2023), against a net profit of RM48.63 million a year ago, due to higher tax expenses.
The tax expenses increased to RM77.99 million from RM31.16 million in 4QFY2022, according to the group’s bourse filing on Tuesday.
Quarterly revenue rose 8.9% to RM2.56 billion from RM2.35 billion, contributed by higher revenue due to improved performance from all business segments.
“The higher revenue in the current quarter was mainly contributed by the non-food retail business and hospitality segments. In the non-food retail business segment, HR Owen plc’s revenue increased mainly due to improved sales from both new and used car sectors coupled with favourable foreign exchange effects during the current quarter under review,” said BCorp.
For the full financial year, the group recorded a net loss of RM117.3 million, compared with a net profit of RM51.77 million in FY2022. Full-year revenue rose 18.1% to RM9.64 billion from RM8.16 billion. 
BCorp said the food retail business segment reported a higher revenue in FY2023, driven by aggressive marketing campaigns and effective promotion strategies, as well as the additional Starbucks cafes operating in Malaysia as compared to the previous financial year.
The property segment’s revenue, meanwhile, was driven by higher property progress billings coupled with the disposal of several parcels of land.
BCorp’s hospitality segment also reported higher revenue due to higher overall occupancy rates and average room rates in the current financial year under review.
Its services segment’s revenue increased on improved sales, primarily attributed to the full resumption of business operations in FY2023. In the previous financial year, numbers forecast operator STM Lottery Sdn Bhd’s business operations were adversely affected following the cancellation of 37 draws arising from the imposition of a nationwide lockdown from June 1, 2021 to Sept 13, 2021.
On prospects, BCorp said it is cautiously optimistic that the performance of its business operations for FY2024 will be satisfactory.
BCorp shares closed half sen or 1.72% higher at 29.5 sen, valuing the group at RM1.76 billion.
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Source: EdgeProp.my

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