However, it cautioned that its hotels and resorts business may continue to be affected by the current global outbreak of Influenza A(H1N1) but it expected its gaming business under Berjaya Sports Toto to remain resilient.
BLand said on Sept 28 that revenue slipped slightly to RM952.63 million from RM963.91 million a year ago. Pre-tax profit was RM119.9 million compared with RM83.76 million. Earnings per share were 2.34 sen versus 0.05 sen.
"The lower revenue was mainly due to the lower revenue reported by the hotels and resorts division that was adversely affected by the outbreak of Influenza A(HINI) as well as the prevailing global economic crisis," it said.
As for the higher pre-tax profit, this was mainly due to the higher profit contribution from the gaming business arising from lower prize payout and significant net investment related income in spite of the lower profit contribution from the hotels and resorts division.
Toto betting operations accounted for RM824.9 million of the revenue of RM952.63 million.
The 1Q revenue, when compared with the fourth quarter ended April 30, 2009, showed the revenue declined to RM952.63 million from RM971.7 million but pre-tax profit rose to RM119.9 million from RM83.76 million.
"The decrease in revenue was mainly due to the lower revenue contribution from the gaming business when compared to the preceding quarter which was partly mitigated by the higher revenue reported by the hotels and resorts division.
"The higher pre-tax profit in this current quarter under review was mainly attributed to the investment related income as well as higher profit contribution from the hotels and resorts division compared to the preceding quarter where the group incurred impairment loss on its quoted investments, certain of its property, plant and equipment and investments in associated companies and jointly controlled entities," it said.
On the prospects, BLand said given the prevailing global economic conditions, the property market continues to remain soft and the hotels and resorts business may continue to experience setback from the current global outbreak of Influenza A(H1N1). However, it expected the gaming business under BToto to remain resilient.
"With this backdrop and barring unforeseen circumstances, the directors are of the view that the group's operating performance for the remaining quarters of the financial year ending 30 April 2010 will remain satisfactory," it said.
By The EDGE Malaysia
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