BCorp reports challenging 2nd quarter

KUALA LUMPUR: Berjaya Corp Bhd’s (BCorp) reported a net loss of RM71 million in the second quarter ended October 31 2018.

Group revenue declined nine per cent to RM1.99 billion.

At pre-tax level, BCorp’s profit stood at RM34 million to reverse the pre-tax loss of RM153.46 million reported in the previous year’s corresponding quarter.

BCorp said the pre-tax loss in the previous year was mainly due to the provision for impairment of a portion of the balance sales proceeds from the sale of the Great Mall Co Ltd (GMOC) project in China which amounted to RM155 million and the loss on partial disposal of an associated company.

The operating profit for the current quarter was higher mainly due to higher contribution from the consumer products and services segment and gain from foreign exchange translations.

BCorp said its consumer products and services segment posted a pre-tax profit for the current quarter, mainly due to the lower operating expenses recorded by the retail distribution business following its implementation of a rationalisation exercise in the previous year to close non-performing stores and reduce operating expenses.

The group registered a lower revenue of RM2 billion compared to RM2.19 billion revenue reported in the corresponding quarter of the previous year. This was mainly due to lower revenue contribution from the consumer products and services segment and the property segment.

For the six months, the group reported a pre-tax profit of RM193.45 million compared to the pre-tax loss of RM91.21 million a year ago.

Its revenue stood at RM4.13 billion from RM4.38 billion previously. This was mainly due to lower contribution from the consumer products and services segment and the property segment.

Source: NST