Berjaya Corp’s 2Q profit rises 2% y-o-y to RM20.6m

by **Cals** Mon 30 Dec 2013, 21:25

Business & Markets 2013

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Monday, 30 December 2013 18:43

KUALA LUMPUR (Dec 30): Berjaya Corporation Bhd’s net profit rose 2% year-on-year (y-o-y) to RM20.63 million for its second quarter to October 2013, from RM20.20 million in the previous corresponding quarter.

Revenue was slightly higher at RM1.773 billion from RM1.767 billion in the year before.

“The marginally higher revenue was mainly due to higher progress billings from the property investment and development segment,” said Berjaya.

The group added that its hotels and resorts segment and its motor distribution business also saw higher revenues and profit before tax during the quarter.

However, its gaming business, under its subsidiary Sports Toto Malaysia Sdn Bhd, had recorded lower revenue during the quarter, which was attributed to “corporate exercise expenses” during the period.

Going forward, the group expects the remainder of its financial year to remain challenging.

“Given the group’s diverse businesses and the current economic outlook, the directors are of the view that the group’s performance will continue to remain challenging in the remaining quarters of the financial year ending 30 April 2014,” said the group.

For the six months to October 2013, the group’s net profit had increased to RM74.06 million from RM48.22 million in the previous corresponding period. Cumulative revenue had also increased to RM3.793 billion from RM3.571 billion last year.