KUALA LUMPUR, Aug 30— Berjaya Corporation Bhd (BJCorp) returned to the black in the financial year ended June 30, 2024 (FY2024) with a net profit of RM446.18 million compared with a net loss of RM110.26 million a year ago.

The performance was supported by gains on disposal of subsidiary companies totalling RM498.33 million and a gain on remeasurement of retained equity interest in a former subsidiary company of about RM154.05 million.

However, profit from operations decreased due to the performance of the retail segment, mainly food business, which saw the food retail business incur a pre-tax loss in the current year due to higher impairment on the non-current assets of the non-performing stores.

Revenue in FY2024 rose to RM10.04 billion from RM9.61 billion previously, mainly due to higher contributions from all segments, except for food retail segment, it said in a filing to Bursa Malaysia today.

For the fourth quarter (4Q) ended June 30, 2024, net loss widened to RM147.84 million from RM79.33 million primarily due to weaker results in the retail, property, and hospitality segments.

However, this was mitigated by stronger performance in the services segment.

Revenue declined to RM2.46 billion in 4Q FY2024 from RM2.55 billion previously.

Taking into account the aforementioned and barring any unforeseen circumstances, BJCorp is cautiously optimistic that the performance of its business operations for FY2025 will be satisfactory.

Nevertheless, the group will continue to monitor prevailing global and local political developments in the countries where it operates.

"The performance of the domestic business segments of the group is expected to improve on the back of strong consumer spending and improvement in tourism activities,” it noted. — Bernama