KUALA LUMPUR: Berjaya Assets Bhd (BAssets) reduced its net loss by half to RM2.26 million in the first financial quarter ending Sept 30, 2023 (1QFY2024).
This improvement can be attributed to increased revenue and a reduced payout from its lottery arm, Natural Avenue Sdn Bhd.
In the previous year, the group reported a net loss of RM4.22 million.
This marks BAssets' 15th consecutive quarter in the red since 3QFY2020.
The company also manages Berjaya Times Square in Kuala Lumpur, Menara MSC Cyberport in Johor, and the Berjaya Waterfront, a duty-free shopping center and hotel located in Johor Bahru.
In this quarter, the company recorded a basic loss per share of nine sen, compared to 17 sen in the previous quarter.
Quarterly revenue increased 5.1 per cent to RM56.39 million from RM53.67 million in the previous year, mostly due to increasing rental prices for its property investment business division.
"This has partially cushioned the impact of lower revenue from gaming, hotel, and recreation business segments due to the lower number of draws conducted and the lower occupancy rates," BAssets said.
BAssets anticipates satisfactory operating results for FY2024, despite challenges such as rising energy and interest rates, supply chain interruptions, geopolitical tensions, and inflationary pressures.
Its share price closed yesterday at 28.5 sen, up 0.5 sen (1.8 per cent), with a market valuation of RM742.13 million.