KUALA LUMPUR: Berjaya Land Bhd (BLand) swung to a net loss of RM418.5mil for the fourth quarter ended April 30, 2015 from a net profit of RM5.8mil a year earlier, hence dragging the company’s annual performance into the red.
At the operating level, BLand made a profit of RM126.65mil on 4.4% higher revenue of RM1.63bil for the quarter.
However, it ended up with a net loss due to the non-cash impairment of goodwill relating to the gaming cash-generating units (CGUs) amounting to RM380.73mil resulting from the excess of these CGUs’ carrying values over their recoverable amounts.
BLand, whose activities range from gaming and lottery management to hotel operations, told Bursa Malaysia that the gaming business was affected by the continued challenging economic and regulatory environment in their respective jurisdictions.
For the financial year to April 30, 2015, BLand incurred a net loss of RM398.52mil against a net profit of RM104.62mil in the preceding year.
