Berjaya Assets 2Q net loss narrows on lower impairment of receivables

KUALA LUMPUR (Feb 16): Berjaya Assets Bhd's net loss narrowed to RM1.97 million for the second quarter ended Dec 31, 2021 (2QFY22), from RM13.27 million a year prior, thanks to lower impairment of receivables recorded by its property investment, hotel and recreation business segments.

Loss per share came down to 0.08 sen from 0.52 sen, according to the group's filing.

Quarterly revenue slipped 5.83% to RM41.38 million, from RM43.95 million a year earlier, primarily due to lower contributions from the group's gaming and property investment business segments.

On a quarter-on-quarter basis, the group's net loss narrowed from RM17.33 million in the immediate preceding quarter, as revenue almost doubled from RM21.38 million on the back of higher sales of theme park tickets generated by its hotel and recreation business segment and resumption of business of the group's Sarawak-based number forecast operating unit Natural Avenue Sdn Bhd.

Similarly, for the cumulative six months ended Dec 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 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 as most states in Malaysia are placed under Phase 4 of the National Recovery Plan.

However, it added that in view of the challenges created by the prolonged pandemic, the group is unable to forecast with certainty as to when business operations will return to pre-Covid-19 levels.

"Hence, the directors expect operating results of the group for the financial year ending June 30, 2022 to remain challenging as the group continues to deal with the adverse impact on the country's economy arising from the pandemic and adapting its business operations in the new norm of living towards the endemic stage going forward," the group said.

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

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