Berjaya Corp 4Q net profit dn 27.9% to RM103.6m

KUALA LUMPUR: BERJAYA CORPORATION BHD []’s earnings fell 27.9% to RM103.61 million in the fourth quarter ended April 30 from RM143.85 million, partly due to the impairment in value and losses from sale of investments.

It said on Wednesday, June 29 revenue was slightly lower at RM1.87 billion compared with RM1.89 billion while earnings per share were 2.37 sen compared with 3.39 sen. Its pre-tax profit of RM261.61 million was a decrease of 12.2% from RM298.06 million a year ago. It proposed a 2% single-tier exempt dividend per share.

“The slight drop in revenue of the group was mainly due to lower property sales registered from the property development business. The lower pre-tax profit was mainly due to the impairment in value of certain property, plant and equipment, loss on disposal of certain investments and loss on dilution of interest in a subsidiary company as well as share of losses from jointly controlled entities,” it said.

For the financial year ended April 30, 2011, the net profit was RM348.08 million compared with RM79.99 million in FY10 while revenue was higher at RM7.11 billion compared with RM6.75 billion a year ago. BCorp said the higher revenue was due to contributions from the retail and distribution businesses.

Pre-tax profit was RM874.26 million compared to RM595.6 million in the previous corresponding period “mainly attributed to the exceptional gain recorded from disposals of associated companies and subsidiary companies”.