BLand, which recently sold its indirect stake in the Great Mall of China project (pic), has benefited in Q2 from the earlier sale of a 50% stake in another under-construction overseas project, the one in Kyoto.
KUALA LUMPUR: Berjaya Land Bhd (BLand) recorded a net profit of RM208.3mil for its second quarter ended Oct 31 compared with RM8.97mil a year ago, thanks to gains from selling a 50% stake in resort hotel developer Berjaya Kyoto Development (S) Pte Ltd (BKyoto) and revaluation of the fair value of its remaining BKyoto stake.
BLand had sold in July the 50% stake in BKyoto, which is developing the Four Seasons Hotel & Residences in Japan, to parent company Berjaya Corp for RM97.3mil for a gain of RM49.567mil. Additionally, BLand also “gained” RM146.847mil after remeasuring the fair value of the remaining 50% it still owns.
The toto betting operator and property developer said revenue for the quarter came in at RM1.62bil, an increase from the previous corresponding period’s RM1.41bil figure.
It attributed the higher group revenue mainly to strong sales of the 4D Jackpot games recorded by the gaming business operated by Berjaya Sports Toto Bhd’s principal subsidiary, Sports Toto Malaysia Sdn Bhd.
