BCorp’s net loss widens in 2Q

Berjaya Corporation Bhd (BCorp) reported a widened net loss of RM116.3 million for the second quarter ending Dec 31, 2023 (2Q23), compared to a RM24.8 million net loss in the same period last year.

The company’s revenue decreased to RM2.23 billion from RM2.33 billion in the previous year, as indicated in the Bursa filing.

The decline was mainly due to losses in the retail and hospitality segments, along with reduced results from the services segment and increased finance costs.

The retail segment experienced lower revenue, primarily stemming from decreased sales in the food retail business due to the boycott of Starbucks’ cafes resulting from the Middle East conflict.

However, the non-food retail business reported increased revenue for the current quarter due to a favorable foreign exchange impact when H.R. Owen Plc (HR Owen)’s revenue was converted into Ringgit Malaysia.

Despite challenges, the hospitality segment saw higher revenue and improved results, driven by increased overall average room rates and full revenue from the Iceland Parliament Hotel, which began operations in December 2022.

BCorp’s share price closed 1.69% lower at 29 sen, resulting in a market capitalisation of RM1.73 million. –TMR