BCorp suffers biggest annual loss since 2006

KUALA LUMPUR: Berjaya Corp Bhd, the flagship company of Tan Sri Vincent Tan Chee Yioun, suffered its biggest annual loss 12 years after a dismal fourth quarter ended April 30.

It expects another challenging year ahead, the company said in filing with Bursa Malaysia today.

BCorp blamed the RM95.2mil loss made in the last quarter ended to significant drop in contribution from its retail distribution, property development, hotel and gaming operations.

For the full year (FY18), the group posted a loss of RM377mil, o 6.5 sen a share. This is the group’s worst performance in FY06.

Shares in BCorp was last traded at 29.5 sen on Thursday.

BCorp said weak market condition during the financial year just ended forced the company to make impairment provisions for its various assets, while unfavourable current exchange rates added to its losses.

Together, these one-time charges amounted to RM354mil.

Excluding these items, the company said it would have made a pre-tax profit of RM226.2mil for FY18.

In a statement today, Berjaya Corp said its executive chairman Vincent Tan is confident that a substantial portion of the impairment provision losses can be reversed in the future.

Berjaya Corp owns direct stakes in listed companies including Berjaya Sports Toto Bhd , Berjaya Land Bhd and Berjaya Assets Bhd. Berjaya Assets and Vincent Tan are substantial shareholders of 7-Eleven Malaysia Holdings Bhd .

Corporate News , Berjaya Corp , Vincent Tan