KUALA LUMPUR: Berjaya Corp Bhd posted net profit of RM125.46 million in the first quarter ended July 31, 2010, up 214% from RM39.9 million a year ago. The better performance was also due to lower investment related expenses of RM17.62 million compared with RM83 million a year ago.

BCorp said on Wednesday, Sept 29 that revenue rose 8% to RM1.74 billion versus RM1.61 billion a year ago. Pre-tax profit was RM237.78 million, up 30% from RM182.81 million. Earnings per share were 2.88 sen versus 1.01 sen.

It said the higher revenue was mainly due to higher revenue contribution from the consumer marketing and distribution business.

"Positive operating results from the consumer marketing and distribution business contributed to the increase in pre-tax profits. The gains on disposal of a subsidiary company, Singer (Malaysia) Sdn Bhd, and an associated company, Singapore HealthPartners Pte Ltd, further improved the pre-tax profits," it said.

However, when compared with the fourth quarter ended 30 April 2010, revenue declined 8.6% from RM1.89 billion to RM1.74 billion. Pre-tax profit dropped 20.5% to RM237.78 million from RM299.21 million.

The drop in revenue was mainly due to lower revenue reported by the property development business from lower property sales. Its gaming business also reported a lower revenue mainly due to the preceding quarter recording seasonally higher sales during the Chinese Lunar New Year festive season during the month of February 2010.

BCorp said pre-tax profit was lower in the current quarter mainly due to lower profit contribution from gaming
business arising from lower sales coupled with the increase in Pool Betting Duty from 6% to 8% with
effect from June 1, 2010 despite a lower prize payout.

However, BCorp expected the consumer marketing business under Cosway (M) Sdn Bhd would improve while the gaming business under BERJAYA SPORTS TOTO BHD [] would remain resilient.