By Kuala Lumpur Newsroom
KUALA LUMPUR (Jun 23) -- Berjaya Land, a Malaysian property developer that also operates betting operations, said Friday it swung to a net profit in the fiscal fourth quarter, owing to higher revenue from various divisions of the company.
Net profit for the three months ended Apr. 30 stood at 88.57 million ringgit ($20.65 million), against a net loss of 458.58 million ringgit a year earlier, according to its stock exchange filing. However, quarterly revenue fell 1.6% on year to 1.68 billion ringgit from 1.7 billion ringgit, it added.
"With the intense competition from the illegal gaming activities coupled with the rising costs and weak consumer sentiments, the directors expect the NFO (number forecast operation) business to be challenging for the financial year ending 30 April 2018." it said.
The performance of the hotels and resorts business is expected to remain satisfactory while the property market outlook is expected to remain lukewarm. Therefore, the group expects operating performance to remain challenging in the financial year ending Apr. 30, 2018.
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