BAssets 4Q net profit soars to RM22.93m

by **Cals** Fri 15 Aug 2014, 00:45

Business & Markets 2014

Written by Gho Chee Yuan of theedgemalaysia.com

Thursday, 14 August 2014 09:11

KUALA LUMPUR: Berjaya Assets Bhd’s (BAssets) net profit for the fourth quarter ended June 30 of financial year 2014 (4QFY14) rose more than 2½ times to RM22.93 million from RM8.92 million a year ago, due to higher gains registered on fair value adjustment of investment properties amounting to RM22.6 million and higher pre-tax profit reported by its gaming business unit Natural Avenue Sdn Bhd (NASB).
Revenue rose a marginal 2.7% to RM106.49 million from RM103.64 million, mainly contributed by NASB, which saw more draws in the quarter.
In a statement yesterday, BAssets said it had proposed a final dividend of two sen per share for the approval of shareholders at the forthcoming annual general meeting.
For the full FY14, however, the group saw a 4.1% drop in net profit to RM43.92 million from RM45.82 million in FY13.
This was despite a 16% increase in FY14 revenue to RM419.42 million from RM361.65 million the previous year. This was driven by the higher rental from Berjaya Times Square Sdn Bhd (BTSSB), jetty operation and hotel revenue of Berjaya Waterfront Johor Baru.
Going forward, BAssets expects the property investment and hotel and related businesses operated by BTSSB group and the gaming business operated by NASB to maintain its occupancy rates and market share respectively going forward.
“We envisage that the operating performance of the group for FY15 will be satisfactory,” it said.

This article first appeared in The Edge Financial Daily, on August 14, 2014.