BCorp swings to profit in FY17, but gaming ops drag

Malaysian conglomerate Berjaya Corp Bhd (BCorp) returned to profit in the financial year ended April 30, 2017, due mainly to gains in the property investment and development segment, but was dampened by its gaming operations.

For the full financial year, BCorp made a net profit of RM139.95 million against a net loss of RM177.22 million the year before.

Revenue was higher by 1.3 percent at RM9.1 billion, due mainly to a higher contribution from the hotels and resorts segment.

Revenue however fell in its gaming operations segment, due mainly to the additional Goods and Services Tax (GST) adjustment of RM15.6 million that Sports Toto Malaysia had made against its revenue.

“The gaming business… contributed lower pre-tax profit mainly due to the aforesaid GST adjustment, higher prize payout as well as higher operating expenses,” it said.

Looking forward, the company said given the prevailing economic conditions and global financial outlook, its directors are of the view that “the group's operating environment will be very challenging going forward”.

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