KUALA LUMPUR (Nov 29): Lower tax expenses helped Berjaya Corp Bhd (BCorp) return to the black with a net profit of RM15.77 million for its first quarter ended Sept 30, 2023 (1QFY2024), after incurring a net loss of RM79.33 million in the immediate preceding quarter and a net loss of RM16.42 million in the year-ago first quarter.

The diversified group declared a first interim share dividend of six treasury shares for every 100 ordinary shares held, with Jan 10 as the ex-date.

Revenue grew 14% to RM2.57 billion from RM2.24 billion in 1QFY2023, driven by stronger contribution from its hospitality and property businesses, which benefited from higher residences sales and increase in overall average room rates, the group told Bursa Malaysia on Wednesday.

Although this resulted in a higher operating profit of RM176.98 million, up 15% from RM153.51 million in 1QFY2023, its pre-tax profit, weighed by increased finance costs, fell 5.2% to RM101.99 million from RM107.59 million.

Finance costs rose 54% to RM138.49 million from RM90.02 million in 1QFY2023.

Going forward, BCorp said its performance is expected to improve on the back of moderate consumer spending, rebound in tourism activities and better-than-expected labour market conditions.

“The group will monitor the prevailing global and local political development in the countries where the group has business operations,” BCorp said, adding that the group is “cautiously optimistic” that its business operations for the remaining quarters of FY2024 to be “satisfactory”.

Shares of BCorp closed unchanged at 30 sen on Wednesday, giving the group a market capitalisation of RM1.79 billion.