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- BAssets expects its operating results for the remaining quarters of FY23 to be satisfactory despite challenges amid rising inflationary pressures, supply chain disruptions and rising energy costs.
KUALA LUMPUR (Nov 23): Berjaya Assets Bhd (BAssets) narrowed its net loss to RM4.22 million for the first quarter ended Sept 30, 2022 (1QFY23), from RM17.33 million a year earlier, driven by higher revenue and increase in share of profits from associate and joint venture (JV) companies.
This is the 11th consecutive quarter of loss for the group since 3QFY20.
Quarterly revenue jumped 133% year-on-year to RM53.67 million from RM23.05 million, thanks to the resumption of business as well as the opening of international borders, the group said in a Bursa Malaysia filing yesterday.
On a quarter-on-quarter basis, BAssets also trimmed its net loss from RM30.38 million in 4QFY22 despite revenue falling 12.32% from RM61.21 million.
This, the group said, was mainly due to the unfavourable fair value adjustments on investment properties amounting to RM17.2 million in the preceding quarter, and a higher share of profits from associate and JV companies.
BAssets expects its operating results for the remaining quarters of FY23 to be satisfactory despite challenges amid rising inflationary pressures, supply chain disruptions and rising energy costs.
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