KUALA LUMPUR (May 28): Berjaya Corp Bhd’s net loss widened to RM87.57 million in the third quarter ended March 31, 2021 (3QFY21) compared with a net loss of RM49.71 million in the preceding quarter, mainly due to lower revenue reported by its hotel and resorts business segments. 

The group’s revenue also declined by 6.17% from RM1.94 billion in 2QFY21, caused by the impact of government-imposed restrictions as a preventive measure to curb the Covid-19 outbreak. 

In a stock exchange filing yesterday, the group said that on a year-on-year (y-o-y) basis, it posted a net loss in 3QFY21 from a net profit of RM412.52 million. Quarterly revenue fell by 7.82% y-o-y to RM1.82 billion from RM1.98 billion amid lower revenue from its gaming operations, and hotel and resorts business segments. 

As a result, the group’s losses per share was at 1.52 sen. 

For the nine-month period ended March 31, the group recorded a net loss of RM196.22 million compared to a net profit of RM223.87 million while revenue dropped 6.92% to RM5.71 billion from RM6.13 billion.

The group did not declare any dividend in the quarter under review. 

Moving forward, the group expects a challenging time ahead in the final financial quarter ending June 30. 

“In addition, the group is in the midst of embarking on a restructuring and rationalization process to transform the group into a diversified consumer group comprising focused business sectors. 

“This process will also entail clearly identifying core and non-core assets. The directors envisage the transformation exercise when completed will have a positive impact on the group’s future prospects,” it said.