PETALING JAYA: Berjaya Land Bhd (BLand) returned to the black in its first quarter ended Sept 30, 2022 (Q1’23) registering RM8.45 million in net profit from a net loss of RM74.30 million in the corresponding quarter last year, driven by higher revenue as most of the group’s business segments recorded improved performance following the resumption of international and domestic travels as well as further relaxation of the Covid-19 standard operating procedures.
Revenue surged 77.35% to RM1.71 billion compared with RM963.04 million in the same quarter last year, underpinned by increased revenue from its gaming business segment operated by STM Lottery Sdn Bhd, mainly due to higher number of draws conducted, from eight draws in Q1’22 to 46 draws in Q1’23.
Additionally, the increased revenue was backed by higher overall occupancy rates by the hotels and resorts business segment, higher property progress billings by property and investment business segment from its project at The Tropika in Bukit Jalil as well as higher new car sales posted by HR Owen.
On prospects, the group said the recovery of the global and domestic economies are gaining momentum. However, the recent rise of global inflation rates caused by the reduction of commodities supplies and supply chain disruptions, due to the Russia-Ukraine war, Covid-19 lockdowns in China as well as the geopolitical tension, have impacted the economic recovery rate.
“Taking into account of the aforesaid and barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarters of the financial year ending June 30, 2023 to be satisfactory, despite having to bear the rising operating costs going forward,” BLand said in a bourse filing.