KUALA LUMPUR: Berjaya Land Bhd recorded a net loss of RM123.63 million for the financial year ended April 30, 2018 from a net profit of RM411.22 million in the 2017 financial year.
Revenue declined to RM6.365 billion from RM6.371 billion previously.
In a filing to Bursa Malaysia, the group said the net loss was mainly due to impairment made on certain available-for-sale investments, assets held for sale and property, plant and equipment amounting to approximately RM61.1 million.
“The group also equity accounted share of losses from its associated companies, mainly Berjaya Assets Bhd, which reported higher post-tax losses,” it said.
Moving forward, Berjaya Land said the zero-rated goods and services tax, effective June 1, would likely increase discretionary income and boost consumer spending.
“This is expected to augur well for the group, especially the hotels and resorts business for the 2019 financial year,” it added.