Berjaya corp reports widened losses in Q4

Malaysian conglomerate Berjaya Corp Bhd (BCorp) has reported widened losses to RM368.9 million (US$92.5 million) for the fourth quarter ending April 30, 2016, widened from a loss of RM275 million in the same quarter in 2014.

The results bring down BCorp’s losses for the full year ended  April 30, 2016 to RM174.7 million.

In a filing to Bursa Malaysia, BCorp said the loss was mainly due to non-cash goodwill impairment charges of RM473.2 million, associated companies of RM28.71 million, property, plant and equipment of RM25.67 million and assets held for sale relating to Berjaya (China) Great Mall Co Ltd of RM131.81 million, totaling RM659.39 million.

The operator also said it incurred losses from its toto betting operations, operated by its subsidiary Sports Toto Malaysia Sdn Bhd, which reported lower revenue compared to the previous year’s corresponding quarter.

BCorp said that, given the prevailing economic conditions and financial outlook, the directors are of the view that the group’s operating environment will be very challenging going forward.