Berjaya Corp eyes 3-5% growth in retail segment

Tan, one of Malaysia's richest men who made a fortune running businesses from lotteries to hotels, owns a 69.3 percent stake in the company.

KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) is projecting its retail segment growth to be between 3% and 5% for the financial year 2018, driven by an improvement in the retails sales and economic outlook.

BCorp Founder and Executive Chairman, Tan Sri Vincent Tan Chee Yioun said the retail market had been under pressure previously, due to the weaker ringgit, as well as weak consumer sentiment and coupled with an intense competition in the local and overseas markets.

“But, the situation has recently become better following the strengthening of the ringgit and an increase in consumer demand.

“We are optimistic that our retail segment will do better than last year,” he added, He told reporters this after the One2pay application launch and memorandum of understanding (MOU) signing ceremony between MOL and MARA Corporation Sdn Bhd (MARA Corporation), here today.

For the first half of the year (ended Oct 31, 2017), BCorp’s revenue was down by 6.4 per cent to RM4.38 billion from RM4.68 billion, with a pre-tax loss of RM91.21 million versus a pre-tax profit of RM480.09 million in the same period last year.

Meanwhile, regulated by Bank Negara Malaysia, the One2pay app which is available for download on Apple’s App Store and Google Play, uses the barcode/QR code payment and enables Malaysians to pay at retail stores, shop online, pay bills and send money to one another.

Tan said to add funds, users can purchase the One2pay top-up PIN at any 7-Eleven store in Malaysia or using online banking. - Bernama