KUALA LUMPUR: Berjaya Corp Bhd (BCorp) posted a net loss of RM41.2 million on revenue of RM4.6 billion in the first six months ended Dec 31 2022.
For the second quarter, BCorp recorded a net loss of RM24.8 million against a net profit of RM101 million arising from the disposal of an associated company recorded in the previous year's corresponding quarter.
Revenue, however, rose 13.6 per cent to RM2.33 billion from RM2.05 billion previously.
Despite the rising operating costs, BCorp is optimistic that its performance will be satisfactory for the remaining quarters of the financial year ending June 30, 2023 (FY23).
"While the recovery of the global and domestic economies is gaining momentum post-pandemic, the recent rise in global inflationary rates due to the reduction of commodities supplies and supply chain disruption as a result of Russia-Ukraine war, Covid-19 lockdowns in China and geopolitical tensions has impacted the economic recovery.
"Taking into account the aforesaid and barring any unforeseen circumstances, the directors are optimistic that the performance of the business operations of the group for the remaining quarters FY23 to be satisfactory despite the pressure of the rising operating costs going forward," BCorp said in a statement.t
The group saud its retail (food) segment recorded higher revenue mainly due to the opening of additional Starbucks cafe outlets in the current quarter.
Nevertheless, the retail (food) segment reported a lower pre-tax profit due to margin compression as a result of higher operating expenses.
Property segment reported higherr evenue and pre-tax profit due to the higher property progress billings from its local project at The Tropika, Bukit Jalil and higher sales of overseas residence units.
Hospitality segment reported higher revenue mainly due to the higher overall occupancy rates compared to the previous year's corresponding quarter.
The hospitality sector, however, reported a higher pre-tax loss as a result of unfavourable foreign exchange effects from its overseas hotels and higher operating expenses due to inflationary pressures.
Services segment recorded higher revenue and pre-tax profit due to the higher revenue reported by the gaming operations operated by STM Lottery Sdn Bhd, formerly known as Sports Toto Malaysia Sdn Bhd.