Thursday, September 22, 2011

Berjaya Land 1Q net profit dn 28% at RM56m

KUALA LUMPUR: BERJAYA LAND BHD [] posted a 28% decline in net profit at RM56.08 million in its first quarter ended July 31, 2011 from RM77.89 million a year ago due to lower profit contribution from the hotels and recreation business.

It said on Thursday, Sept 22 that revenue was 2.1% higher at RM1.00 billion compared with RM978.94 million. The pre-tax profit was RM94.80 million, down 15.6% from RM112.40 million. Earnings per share were 0.04 sen compared with 0.89 sen.

'The increase in revenue was mainly contributed by the gaming business via BERJAYA SPORTS TOTO BHD []'s principal subsidiary, Sports Toto Malaysia Sdn Bhd and the higher property sales registered by the property development business.

Berjaya Land said the drop in group pre-tax profit for the quarter under review was mainly due to the lower profit contribution from the hotels and recreation business due to lower occupancy rates resulting from lower tourist arrivals and lower sales from the MICE sector.

There was also an impairment of available-for-sale quoted equity investments and unfavourable changes in fair values of quoted equity investments.

However, the decline was partly mitigated by the higher profit contribution registered by the gaming business mainly attributed to lower prize payout compared to a year ago and the gain on disposal of a subsidiary company.

'In addition, the preceding year corresponding quarter's results included an exceptional gain on disposal of an associated company amounting to about RM53.2 million,' it said.

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