1 month ago
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PETALING JAYA: Berjaya Assets Bhd’s (BAssets) revenue for its first quarter ended Sept 30, dropped 30% to RM50.76 million from RM72.97 million a year ago mainly due to lower revenue reported by all the business segments.
In the recovery movement control order (RMCO) phase, most of the group’s businesses resumed operations with the strict compliance of health and safety standard operating procedures.
“Revenue has been slowly increasing as the customers adjust to the new norm. However, the hotels, recreation and other business segment and the jetty operations remained to be adversely impacted by the continued closures of borders and travel restrictions on foreigners,” the group said in its Bursa filing.
It posted a pre-tax loss of RM5.17 million in the quarter compared with a pre-tax profit of RM3.45 million in the preceding year’s same quarter.
BAssets said during the RMCO phase, the footfall to the shopping malls and the gaming business sales have been gradually increasing but they have yet to reach the levels recorded prior to the implementation of the MCO. The current CMCO phase with stricter preventive standard operating procedures has slow down the recovery rate of the group’s business operations.
As for the hotel business segment, the directors expect that the occupancy rates and the revenue from events will remain low arising from low tourist arrivals from continued borders closure coupled with new social distancing rules during this pandemic.
In view of these factors and the immense challenges created by the pandemic, the group is unable to forecast with certainty, when its business operations will return to the level prior to the Covid-19 pandemic.
“Hence, the directors expect the results of the group for the remaining quarters of the financial year ending June 30, 2021 to remain challenging as the group continues to deal with the adverse impact arising from the Covid-19 pandemic.”
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