KUALA LUMPUR: Berjaya Corp Bhd's (BCorp) net profit surged to RM694.6 million in the third quarter (Q3) ended March 31 2024 from RM3.25 million a year ago.
According to BCorp, the improved performance was mainly due to the improved results from the property, services and retail segments, as well as the gain on disposal of subsidiaries totalling RM497.91 million and gain on remeasurement of retained equity interest in a former subsidiary company of about RM154.05 million.
Group revenue in Q3 2024 rose to RM2.8 billion against RM2.5 billion a year ago mainly due to higher contributions from all segments, except for the food retail segment.
"This marks a significant increase from a revenue of RM2.50 billion and pre-tax profit of RM82.20 million reported in the corresponding quarter of the previous year," it said.
For the nine-month period (9M24), BCorp posted a net profit of RM594 million from a net loss of RM37.97 million previously.
Meanwhile, its revenue for 9M24 rose to RM7.58 billion from RM7.08 billion last year.
BCorp said Malaysia's economic growth is expected to be driven by strong domestic demand and the moderation of average inflation rate despite the uncertainties arising from geo-political tensions.
The company said it will monitor the prevailing global and local political development in the countries where it has operations.
"The performance of the domestic business segments of the company is expected to improve on the back of strong consumer spending and improvement in tourism activities," it said.
As for the gaming business, BCorp said the closure of legal number forecast operation outlets in Kedah and Perlis will result in the proliferation of illegal operators in these underserved areas.
"Taking into account the aforesaid and barring any unforeseen circumstances, the company is cautiously optimistic that the performance of the business operations of BCorp for the remaining quarter of the financial year ending June 30, 2024 to be satisfactory," it added.