Berjaya Assets Bhd posted a pre-tax loss of RM28.19 million for the financial year ended June 30, 2016 compared with a pre-tax profit of RM108.11 million recorded in the corresponding year.

Revenue declined to RM387.09 million from RM411.95 million previously.

In a filing to Bursa Malaysia today, the group said the losses were attributed mainly to the non-cash impairment of goodwill, higher operating expenses incurred by the property development and investment, as well as, hotel and recreation businesses and higher finance costs.

For the fourth quarter ended June 30, 2016, Berjaya Assets reported a pre-tax loss of RM53.0 million against a pre-tax profit of RM24.8 million registered a year ago.

“We expect the property investment and hotel and related businesses operated by the Berjaya Times Square Sdn Bhd Group and the gaming business operated by Natural Avenue Sdn Bhd to maintain its occupancy rates and market share, respectively, going forward,” it added.

- Bernama