Berjaya Assets Q2 net loss narrows on lower receivables impairment

KUALA LUMPUR (February 15): Berjaya Assets Bhd’s net loss narrowed to RM1.97 million for the second quarter ended December 31, 2021 (2QFY22), from RM13.27 million a year earlier, thanks to the decrease in the depreciation of the receivables recorded by its property the investment, hotel and leisure sectors.

The loss per share fell to 0.08 sen from 0.52 sen, according to the group’s filing.

Quarterly revenue fell 5.83% to RM41.38 million from RM43.95 million a year earlier, mainly due to lower contributions from the gaming and real estate investment business segments of the group.

On a quarterly basis, the group’s net loss narrowed from RM17.33 million in the prior quarter, while revenue nearly doubled from RM21.38 million on higher sales of theme park tickets generated by his hotel and recreation. line of business and taking over the activities of the Sarawak-based number forecasting business unit of the Natural Avenue Group Sdn Bhd.

Similarly, for the cumulative six months ended December 31, 2021, the group’s net loss also narrowed to RM19.3 million from RM20.83 million in the same period a year ago, while that revenue fell 33.73% to RM62.76 million from RM94. .71 million.

Berjaya Assets said the group’s business operations are gradually moving towards the recovery phase, with most states in Malaysia being placed under phase 4 of the national stimulus package.

However, he added that given the challenges created by the prolonged pandemic, the group is unable to predict with certainty when business activities will return to pre-Covid-19 levels.

“Consequently, the Directors expect the Group’s operating results for the year ended 30 June 2022 to remain challenging as the Group continues to deal with the negative impact on the country’s economy resulting of the pandemic and adapt its business operations to the new normal of living towards the endemic stage in the future,” the group said.

Shares of Berjaya Assets closed unchanged at 28.5 sen, giving the group a market capitalization of RM729.07 million.

Ann J. Cox