Thursday 28 Mar 2024
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KUALA LUMPUR (June 1): Berjaya Assets Bhd's net profit in the third quarter ended March 31, 2015 (3QFY15) stood at RM18.96 million or 1.7 sen per share, on higher profit contribution from gaming, property development and investment business segment.

The group posted a net loss of RM12.25 million in the previous corresponding period (3QFY14), but returned to profitability in the subsequent quarter (4QFY14).

Revenue for the quarter under review was, however, marginally weaker at RM106.09 million compared with RM106.54 million last year, its filing to Bursa Malaysia today showed. 

For the cumulative nine months (9MFY15), Berjaya Assets (fundamental: 0.85; valuation: 1.2) saw its net profit grow 217.29% year-on-year (y-o-y) to RM66.6 million or 5.98 sen a share from RM20.99 million or 1.89 a share in 9MFY14. 

Berjaya Assets, which was picked as Insider Asia's Stock of The Day on Nov 7 last year, said its gaming business segment operated by Natural Avenue Sdn Bhd (NASB) reported a 4% y-o-y decrease in revenue despite having the same number of draws.

"This was mitigated by higher rental income from property development and investment business segment," it added. 

Berjaya Assets said NASB reported higher profit contribution from lower prize payouts, despite having lower revenue. 

"The property development and investment business segment also reported higher profit contribution from higher rental income," it added. 

Going forward, Berjaya Assets expects the property investment and hotel and related businesses operated by Berjaya Times Square Sdn Bhd (BTSSB) and the gaming business operated by NASB to maintain its occupancy rates and market share respectively.

This is depsite the group foresee the implementation of the Goods and Services Tax (GST), falling crude oil prices and the lacklustre performance of the tourism industry may have an impact on the country economy. 

"The directors envisage that the operating performance of the group for the remaining financial quarter of the financial year ending June 30, 2015 will be challenging," it added. 

As at 12.30pm, Berjaya Assets was trading unchanged at 82 sen, which gives it a market capitalisation of RM912.69 million. 

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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