Berjaya Assets posts revenue of RM79m in Q1

PETALING JAYA: Berjaya Assets Bhd’s revenue for the first quarter ended Sept 30, 2017 fell to RM79.9 million, from RM91.8 million in the previous corresponding quarter, mainly due to the gaming business segment operated by Natural Avenue Sdn Bhd (NASB), which continued to be impacted by rampant illegal gaming activities.

Its net loss during the quarter narrowed to RM4.86 million, compared with RM158.78 million in the same period last year.

In a filing with Bursa Malaysia yesterday, the group said its property development and property investment business segment reported slightly lower revenue due to lower rental income.

However, it said these were partly mitigated by higher revenue reported from the encouraging growth in the food beverage business with the opening of the second outlet of Greyhound Cafe and also the contribution of vehicle assembly business.

On its prospects, the group said given the current economic conditions and financial outlook, it expects the property investment and hotel and related businesses operated by Berjaya Times Square Sdn Bhd (BTSSB) group and the gaming business operated by NASB to maintain its occupancy rates and market share respectively going forward.

“The directors envisage that the operating performance of the group for the remaining quarters in financial year ending June 30, 2018 will be challenging,” it added.