Berjaya Corp returns to the black in financial year 2022 with RM54m profit

Tuesday, 30 Aug 2022 8:21 PM MYT

KUALA LUMPUR, Aug 30 — Berjaya Corporation Bhd (BCorp) returned to the black in its financial year ended June 30, 2022, registering RM54.44 million in net profit from a net loss of RM459.63 million in the same period last year, mainly contributed by its retail and hospitality segments.

It posted higher revenue at RM8.21 billion from RM7.46 billion in FY2021.

The non-food retail business recorded higher revenue in the current financial year, thanks to stronger sales registered by HR Owen.

“The higher revenue resulted from strong demand with gradual supply volume recovery and pre-mix tailwinds leading to strong used car profit margin due to the earlier supply chain disruption in the new car sector,” said BCorp.

For the food retail business segment, the higher revenue was mainly contributed by the higher same-store-sales growth particularly from Starbucks cafe outlets as well as from the opening of new Starbucks cafe outlets during the financial year.

It also said the hospitality segment’s improved revenue was derived from the hotel and resorts business segment as overall average occupancy and room rates were better during the current financial year with the easing of international travel restrictions.

Taking into account the current environment and barring any unforeseen circumstances, BCorp said it is confident that its business operations for fiscal 2023 would show better performance, despite having to bear rising operating costs going forward. — Bernama