KUALA LUMPUR, Aug 25 — Berjaya Land Bhd’s net loss for the financial year ended June 30, 2022 (FY2022) narrowed to RM239.10 million from RM247.64 million in the preceding year’s corresponding period.
In a filing with Bursa Malaysia today, it said this was mainly due to the lower overall property progress billings reported by the property development and investment business segment.
The higher pre-tax loss of RM98.83 million in FY2022 from a pre-tax loss of RM42.23 million previously was mainly due to the partial impairment loss on balance sale proceeds of the Great Mall Project (China) amounting to RM197.8 million.
This was mitigated by a lower share of losses from the group’s associated companies and joint ventures, it said.
Meanwhile, group revenue increased to RM6.05 billion from RM5.40 billion in FY2021, as the hotel and resorts business segment reported higher overall average occupancy and room rates during the current financial year with the easing of international travel restrictions.
It also said luxury motor retailer H.R. Owen, which the group owned a 99.3 per cent stake through Berjaya Philippines Inc, reported an increase in revenue of 20.5 per cent.
The improved revenue was attributable to strong demand with gradual supply volume recovery and also price-mix tailwinds leading to higher used car profit margins due to earlier supply chain disruptions in the new car sector.
Taking into account the geopolitical uncertainties and disruptions in supply chains amid higher global inflation rates, it expects the group’s performance in FY2023 to be satisfactory, despite having to bear rising operating costs going forward. — Bernama
