KUALA LUMPUR: Berjaya Assets Bhd’s net loss widened to RM83.10 million in the fourth-quarter (Q4) ended June 30, 2019, from a net loss of RM30.20 million a year ago.
In an exchange filing today, the company said the net loss was due to the higher prize payout from Natural Avenue Sdn Bhd, lower share of results from joint-ventures and impairment of goodwill amounting to RM20.4 million, mainly related to the gaming business segment.
Its Q4 revenue jumped 110.87 per cent to RM102.25 million from RM48.49 million on the back of the sale of several parcels of land, higher contribution from the vehicle assembly and gaming business segment as well as hotel and recreation divisions.
For the year ended June 30, 2019 (FY19), Berjaya Assets slipped into the red with a net loss of RM82.58 million from a net loss of RM32.96 million.
Group revenue increased 5.77 per cent to RM330.73 million from RM312.69 million a year ago.
The company expects the property investment and hotel and related businesses to maintain its occupancy rates and market share respectively going forward.
“We envisage that the operating performance of the group for the financial year ending June 30, 2020 will be satisfactory,” it said.