Berjaya post lower revenue from two main segments

By TMR

Residential property company Berjaya Land Bhd posted a lower revenue of RM1.59 billion for the fourth quarter ended April 30, 2018 compared to RM1.68 billion in the previous year corresponding quarter.

In a filing to Bursa Malaysia yesterday, the group noted the lower revenue was due to lower property progress billing and a lower occupancy rate for its hotels and resort business segment.

This was partly mitigated by a higher revenue by Berjaya Sports Toto Bhd (Btoto) principle subsidiary, Sports Toto Malaysia Sdn Bhd (STMSB), which saw a seasonally higher level of sales during the Chinese New Year period in February 2018.

For the financial year under review, the company reported a revenue of RM6.37 billion which was comparable to its previous financial year.

The hotels and resort segment as well as the property development had contributed a higher revenue from higher property progress billings and higher overall occupancy and average room rates respectively.  It was however offsetted by lower revenue recorded by Btoto.

“The drop in BToto Group revenue was mainly due to higher project contract sales reported by International Lottery & Totalizator Systems Inc. in the previous financial year,” it said in a statement.

The company added the recent abolishment of the Goods and Services Tax (GST) is expected to increase discretionary income and boost consumer spending, which will augur well for especially the hotels and resorts segment.