BToto profit lower due to additional GST adjustment

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) net profit for the third quarter ended Jan 31 was down by 17.8% to RM47.9mil from a year ago, mainly due to an adjustment arising from the implementation of the goods and services tax (GST) and higher operating expenses. 

Revenue rose by 3.3% year-on-year to RM1.36bil, attributed to higher revenue contributed by luxury motor dealer HR Owen Plc and the principal subsidiary, Sports Toto Malaysia Sdn Bhd.

BToto has declared a third interim single-tier dividend of three sen per share in respect of the financial year ending April 30, 2017 (FY17) and payable on April 28. 

This will bring the total dividend distribution per share in respect of FY17 to 11 sen per share compared with a cash dividend of 11.5 sen per share and share dividend equivalent to 2.5 sen per share in the corresponding period last year.

The total dividend distribution for the nine months ended Jan 31, 2017 is RM148.3mil, representing about 87.8% of the attributable profit of the group.

“In the current quarter, Sports Toto made an additional GST adjustment of RM15.6mil against its revenue pursuant to a notification from the Customs department due to different interpretation on the value of gaming supply under the GST Act 2014,” said BToto in a statement on Thursday.

Sports Toto had submitted an application for the review of the department’s decision in February.