Berjaya Corp records Net Loss Of Rm117.30 Mln In Fy2023

KUALA LUMPUR, Aug 29 (Bernama) -- Berjaya Corporation Bhd (BCorp) posted a net loss of RM117.30 million for the financial year ended June 30, 2023 (FY2023), compared to a net profit of RM51.77 million in the previous year. 

Revenue, however, increased to RM9.64 billion in FY2023 from RM8.16 billion last year, representing an increase of 18 per cent, contributed by all business segments in the group, the investment holding conglomerate group said in a statement to Bursa Malaysia today. 

For the fourth quarter ended June 30, 2023, Bcorp registered a net loss of RM79.33 million from a net profit of RM48.63 in the same period last year, while revenue improved to RM2.56 billion from RM2.35 billion previously. 

According to the statement, the non-food retail segment’s higher revenue in FY2023 was bolstered by stronger sales registered by luxury motor group HR Owen in both new and used car sectors coupled with favourable foreign exchange effects during the financial year under review. 

“The food retail segment also reported a higher revenue from aggressive marketing campaigns and effective promotion strategies, as well as the additional Starbucks cafes operating in Malaysia during the financial year,” it said.  

BCorp noted that the profit margin in the current financial year has been negatively impacted due to the increased operating costs as a result of inflationary pressures and higher finance costs arising from interest rate hikes in the United Kingdom. 

“Even though the food retail business recorded a higher revenue, it had a lower pre-tax profit in the current financial year. 

“This was mainly due to higher operational costs brought on by inflationary pressures and the unfavourable exchange rate to the US dollar,” said the group. 

On prospects, the group foresees better performance in all business segments in the upcoming financial year due to the increase in consumer spending, a recovery in tourism, and better labour market circumstances.

“The group will continue to monitor the prevailing global and local political situations in the countries where the group conducts businesses,” it added.

-- BERNAMA