PETALING JAYA: Berjaya Land Bhd’s (BLand) revenue for the fourth quarter ended June 30, 2021 more than doubled to RM1.24 billion from RM541.58 million a year ago, contributed mainly by the gaming business segment operated by Sports Toto Malaysia Sdn Bhd, the motor vehicle dealership operated by HR Owen and the higher overall occupancy rate by the hotels and resorts business segment.
The group reported lower pretax losses of RM74.16 million versus RM116.38 million mainly due to higher profit contribution from Sports Toto and HR Owen; lower pre-tax losses from the hotels and resorts business segment; lower share of adverse results from associated companies; and lower finance costs.
For the full financial year ended June 30, 2021, BLand’s revenue improved 4.7% to RM5.4 billion from RM5.16 billion reported previously mainly from HR Owen and the property development and investment business segment.
Despite the increase in revenue, the group reported a pretax loss of RM43.88 million in the current financial year mainly due to the losses incurred by the hotels and resorts business segments; unfavourable foreign currency translation effect; and higher share of losses from associated companies and joint ventures.
In its Bursa filing, the group pointed out that the imposition of the full movement control order on June 1 to curb the spread of the Covid-19 pandemic has dampened its recovery while the acceleration of the national vaccination program is expected to drive Malaysia’s economic recovery in due course. In addition, the National Recovery Plan will allow the opening of economic activity in stages.
Taking these factors into account, BLand believes its performance for the coming financial year will gradually move into the recovery phase with the economic reopening.