Berjaya Corp returns to profit in 1Q at RM15.77m

Berjaya Corp Bhd (BCorp) reported a net profit of RM15.77 million for the first quarter ended September 30, 2023 (1Q24), a turnaround from a net loss of RM16.42 million in the same quarter last year. 

The diversified group declared a first interim share dividend and experienced a 14% growth in revenue to RM2.57 billion, attributed to stronger contributions from its hospitality and property businesses. 

Despite a 15% increase in operating profit to RM176.98 million, the pre-tax profit fell 5.2% to RM101.99 million, impacted by higher finance costs, which rose by 54% to RM138.49 million. 

BCorp anticipates improved performance ahead, citing moderate consumer spending, a rebound in tourism activities, and positive labour market conditions. 

The group expresses cautious optimism, monitoring global and local political developments. 

BCorp’s shares closed unchanged at 30 sen today, with a market capitalisation of RM1.79 billion. – TMR