PETALING JAYA: Berjaya Assets Bhd’s net profit dropped by 44.8% to RM12.6 million for the second quarter (2Q) ended Dec 31, on a slightly lower revenue of RM83.3 million.
In a statement to Bursa Malaysia yesterday, the company said the lower revenue was mainly due to the failure of Berjaya Times Square Sdn Bhd’s property development and investment segment to transact any property sales in the quarter.
For the six months ended Dec 31, Berjaya Assets posted RM35.5 million in net profit, RM18.2 million or 33.9%, lower than RM53.6 million a year ago. Revenue was higher at RM164.3 million compared with RM161 million.
“The 2% increase in revenue was mainly contributed by Natural Avenue Sdn Bhd (NASB) from the higher number of draws and improved ticket sales registered in the six-month period,” said Berjaya Assets.
On the future prospects of the group, its directors expect NASB’s gaming and Berjaya Times Square’s property investment to maintain their market share and occupancy rates respectively.
Berjaya Assets settled at 84 sen on Feb 5, down by 5.62% from Dec 31, 2012.
This article first appeared in The Edge Financial Daily, on February 8, 2013.