Thursday, December 29, 2011

Berjaya Corp 2Q earnings dn 73% to RM22.9m on absence of writebacks

KUALA LUMPUR (Dec 29): BERJAYA CORPORATION BHD [] posted net profit of RM22.96 million in its second quarter ended Oct 31, 2011, down 73.4% from RM86.54 million a year ago in the absence of write-backs.

It said on Thursday that in the previous quarter, there were certain gains on write-back of impairment relating to associated companies and recognition of gains on disposal of subsidiary companies.

'Operationally, the current quarter results are comparable to the previous year corresponding quarter results,' it said.

BCorp's revenue slipped 1.3% to RM1.69 billion from RM1.72 billion while earnings per share were 0.52 sen compared with 1.97 sen.

It said group's gaming business and consumer marketing and distribution business recorded improved revenue. The gaming business recorded higher revenue despite having a lower number of draws in the current quarter.

'The group's innovative marketing initiatives in retail distribution, especially in Hong Kong and Macau, yielded substantial revenue growth,' it said.

BCrop said revenue was affected by the deconsolidation of Berjaya Sompo Insurance Bhd after the sale of 40% stake in the first quarter and the lower property sales registered by the property development business .

For the first half, its net profit rose 38.4% to RM293.54 million from RM212 million in the previous corresponding period mas mainly due to the exceptional gain recognised arising from the disposal of 40% stake in BSompo. Revenue edged up 0.6% to RM3.48 billion from RM3.46 billion.

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