Thursday 28 Mar 2024
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KUALA LUMPUR (June 29): Berjaya Corp Bhd (BCorp) saw its net loss widen by 34% to RM368.91 million or 7.13 sen loss per share in its fourth financial quarter ended April 30, 2016 (4QFY16) from RM274.97 million or 5.46 sen loss per share a year ago due to an impairment loss of RM770.82 million.

This was despite a 6.9% increase in revenue to RM2.48 billion in 4QFY16 from RM2.32 billion in 4QFY15, on higher contribution from its property investment and development segment due to strong sales from a property project in China.

The company attributed the higher loss to non-cash impairment in value of goodwill of RM473.2 million, associated companies of RM28.71 million, property, plant and equipment of RM25.67 million and assets held for sale relating to Berjaya (China) Great Mall Co Ltd of RM131.81 million, totalling RM659.39 million.

Nevertheless, BCorp has proposed a final dividend of three treasury shares for every 100 ordinary shares held for the approval of shareholders at the forthcoming annual general meeting. The final share dividend is equivalent to 2.16 sen per share.

In a statement today, the group said the entitlement date and the payment date of the proposed final dividend will be announced later.

For the full year (FY16), BCorp slipped into the red, recording a net loss of RM174.7 million or 3.17 sen loss per share compared with a net profit of RM831.67 million or 16.91 sen per share in FY15, mainly due to impairment loss and the effect of not consolidating the profit of Berjaya Auto Bhd (BAuto) in the marketing of consumer products and services segment.

Revenue also declined by 5.5% to RM9.02 billion in FY16 from RM9.51 billion in FY15, as the group discontinued the consolidation of revenue of BAuto when it ceased to be a subsidiary company in the previous financial year on Dec 1, 2014.

On prospects, BCorp said given the prevailing economic conditions and financial outlook, its directors are of the view that the group's operating environment will be "very challenging" going forward.

BCorp shares closed unchanged at 36 sen today, with a market capitalisation of RM1.6 billion.

 

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