KUALA LUMPUR (Aug 17): Berjaya Assets Bhd (BAsssets) narrowed its net losses to RM14.54 million or 0.57 sen per share in the fourth quarter ended June 30, 2023 (4QFY2023), from RM30.39 million or 1.19 per share a year ago, after higher revenue more than offset an impairment of assets and unfavourable fair value adjustment.

During the quarter under review, it booked an impairment of assets held for development amounting to RM2.9 million. It also saw a lower unfavourable fair value adjustment on investment properties of RM6.1 million versus RM17.2 million in the previous year's corresponding quarter.

BAssets said quarterly revenue rose some 10% to RM57.07 million from RM51.91 million due to higher rental income and jetty income reported by its property investment segment, and higher sales of theme park tickets reported by its hotel and recreation business segments.

For the full year ended June 30, 2023, it narrowed its net loss to RM24.07 million or 0.94 sen per share from RM54.96 million or 2.15 sen per share a year earlier due to significantly better revenue and higher profit share from joint venture companies as well as a lower unfavourable fair value adjustment on investment properties.

Revenue increased by 29% to RM224.12 million from RM174.06 million, boosted by better performance across its gaming business, property investment and hotel and recreation segments.

The company did not pay any dividend in the financial year ended June 30, 2023.

BAssets said while it is optimistic on the recovery of the domestic economy, operating results of the group for the financial year ending June 30, 2024 is expected to be satisfactory.

The company's shares closed flat at 27 sen for a market capitalisation of RM690.73 million.