Business Times

For the full year, the group made a net profit of RM595.9 million, thanks to the consolidation of BToto as a subsidiary and a gain on re-issue of loan stocks by BLand

BERJAYA Corp Bhd (BCorp), a diversified group, said its fourth quarter net profit jumped almost three times as it consolidated the accounts of Berjaya Sport Toto Bhd (BToto).

It also made more money from its general insurance, property development and consumer marketing divisions.

The company, controlled by tycoon Tan Sri Vincent Tan Chee Yioun, expects to do better in fiscal 2009 due to the full-year effects of consolidation of BToto and Berjaya Media Bhd as subsidiary companies.

Berjaya Corp also expects new hotels and its Mazda vehicle distributorship, among others, to boost revenue.

BCorp registered a net profit of RM235.9 million for the quarter to April 30 2008 compared with RM64.7 million made a year ago.

Revenue also more than doubled from the previous year at RM1.4 billion against RM512 million in 2007.

"The significant increase in pre-tax profit was mainly due to the recognition of the gain on placements of 150 million units of Berjaya Land Bhd loan stocks amounting to about RM598.9 million, which was, however, partly reduced by losses from impairment of goodwill, effects of dilution in subsidiary companies and impairment in value of other investments," BCorp added.

For the full year, BCorp registered a net profit of RM595.9 million against RM178.7 million a year ago.

It attributed the sterling performance to the consolidation of BToto as a subsidiary company of the group in February this year and a gain on re-issue of 320 million units of loan stocks by BLand Group amounting to RM938.1 million.