BLand expects country’s economy to be driven by strong domestic demand

KUALA LUMPUR: Berjaya Land Bhd (BLand) expects the country’s economy to be driven by strong domestic demand and the moderation of average inflation rate, despite the uncertainties arising from geo-political tensions.

For its second quarter ended Dec 31, 2023, BLand’s revenue was flat at RM1.69bil.

It reported a net loss of RM76.48mil compared with a net profit of RM84.39mil a year earlier.

The group reported a basic loss per share of 1.56 sen versus an earnings per share of 1.71 previously.

In a statement, BLand said the hotels and resorts, as well as property development business segment, recorded a higher revenue mainly due to higher overall average room rates and increased property progress billings under the current quarter under review.

“Although HR Owen Plc recorded a lower revenue in the current quarter, the favourable foreign exchange effect has led to a higher revenue when converted into ringgit.”

For the six-months period ended Dec 31, 2023, the group reported a higher revenue of RM3.7bil as compared with RM3.4bil in the previous year corresponding period, with a pre-tax profit of RM93.85mil.

“The management of of the number forecast operation (NFO) business segment of the group is cautiously optimistic that the NFO business in Malaysia will continue its upward trajectory of per draw sales growth, driven by favourable consumer spending during the festive period and continued consumer interest in the jackpot games.”

Additionally, BLand said the performance of the domestic business segments of the group is expected to improve on the back of strong consumer spending and improvement in tourism activities.

“Barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarters of the financial year ending June 30, 2024 to be satisfactory.”