BAssets 2Q net profit rises 149%

by **Cals** Thu 12 Feb 2015, 01:29

BAssets 2Q net profit rises 149%

By Shalini Kumar / theedgemarkets.com | February 11, 2015 : 10:40 PM MYT
KUALA LUMPUR (Feb 11): [size=14]Berjaya Assets Bhd (BAssets) posted a net profit of RM40.5 million for the second quarter ended Dec 31, 2014 (2QFY15), up 149% from the previous quarter's net profit of RM16.3 million, mainly due to higher profit from its property development and investment business segment due to higher rental income, and a higher gain registered on the disposal of quoted shares amounting to RM42 million.

Revenue however, only rose marginally to RM106.1 million, from RM105.7 million, which BAssets (fundamental: 0.85; valuation:1.2) attributed to higher revenue from its property development and investment business segment.

"The gaming business segment operated by Natural Avenue Sdn Bhd reported a 3% decrease in revenue, despite having higher number of draws in the current quarter under review, as compared to the previous year['s] corresponding quarter," the company noted in its Bursa Malaysia filing this evening.

For the six months ended Dec 31 (1HFY15), net profit increased 43.3% to RM47.6 million, from RM33.2 million.

Revenue however decreased 1.4% to RM203.5 million, from RM206.4 million, mainly due to lower revenue from the hotel and recreation business segments.

On prospects, BAssets said it expects the property investment and hotel and related businesses, and the gaming business, to maintain their occupancy rates and market share, respectively, going forward.

"The directors envisage that the operating performance of the group for the remaining financial quarters of the financial year ending June 30, 2015, will be challenging," said the company.

BAsset shares closed unchanged at 83 sen today, with a market capitalisation of RM923.82 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.) [/size]