KUALA LUMPUR, Berjaya Land Bhd’s bottom line turned red for the financial year ended June 30, 2024 (FY2024) as it made a loss of RM90.19 million from a net profit of RM147.29 million in FY2023 due to higher operating expenses.

However, its revenue increased to RM7.60 billion against RM7.26 billion in the preceding year.

The revenue growth was mainly attributed to higher average room rates in the hotel business segment, full-year revenue contributions from the Iceland Parliament Hotel, which began operations in December 2022, and increased revenue from construction activities.

For the fourth quarter, Berjaya Land registered a net loss of RM79.90 million, compared to a net profit of RM51.90 million in the corresponding quarter a year ago. Its revenue rose slightly to RM1.95 billion from RM1.944 billion previously.

Regarding its outlook, the company said the performance of its domestic business segments is expected to improve, driven by strong consumer spending and a recovery in tourism activities.

‘As for
the gaming business, the closure of legal numbers forecast operations outlets in Kedah and Perlis will result in the proliferation of illegal operators in these underserved areas.

‘The directors are cautiously optimistic that the performance of the group for the financial year ending June 30, 2025 to be satisfactory,’ it told the stock exchange.

Source: BERNAMA News Agency