KUALA LUMPUR (Nov 21): Berjaya Assets Bhd (BAssets) saw a lower net loss of RM2.26 million in its first financial quarter ended Sept 30, 2023 (1QFY2024) against RM4.22 million the year before, on lower winning prize pay-out incurred by its lottery unit Natural Avenue Sdn Bhd and higher revenue.

The group registered a basic loss per share of nine sen during the quarter compared with a basic loss per share of 17 sen in the corresponding quarter, its Bursa Malaysia filing showed.

Quarterly revenue rose 5.1% to RM56.39 million from RM53.67 million a year ago, mainly due to higher rental rates for the group's property investment business segment.

"This has partially cushioned the impact of lower revenue from gaming, hotel and recreation business segments due to lower number of draws conducted and the lower occupancy rates," BAssets said.

Aside from Natural Avenue, BAssets also operates the Berjaya Times Square, Menara MSC Cyberport in Johor, and the Berjaya Waterfront in Johor Bahru which comprises a hotel and a duty free retail outlet.

This is BAssets’ 15th consecutive quarter in the red since 3QFY2020.

On its future prospects, BAssets said the operating results of the group for FY2024 is expected to be satisfactory, despite challenges in the global economic growth including geopolitical tensions, inflationary pressures, supply chain disruptions and rising energy and interest costs.

Its share price closed 0.5 sen or 1.8% higher at 28.5 sen, with a market capitalisation of RM742.13 million.