BToto enjoys higher earnings in Q1

Senior citizens aged 60 and above received an ang pow, mandarin oranges and mini hamper during the 27th Sports Toto Chinese New Year Ang Pow Donation Campaign launch at Stadium Badminton Kuala Lumpur on Feb 5.

KUALA LUMPUR: Berjaya Sports Toto Bhd (BToto) reported higher earnings of RM74.31mil for the first financial quarter ended July 31, up 27% compared with a year earlier.

In its interim financial results report to Bursa Malaysia, the number forecast operator said the increase was mainly due to the better results of its luxury vehicle retailing subsidiary H.R. Owen Plc as well as foreign exchange gain recognised by a foreign subsidiary.

BToto’s 74.2% owned indirect subsidiary Berjaya Philippines Inc owns a 98.38% stake in H.R. Owen, which operates vehicle franchises in the prestige and specialist car market for both sales and aftersales, predominantly in London.

BToto said H.R. Owen more than doubled its pre-tax profit to RM15.5mil from RM6.9mil in the previous year’s corresponding quarter.

This was mainly due to 7% revenue growth to RM670.7mil, attributed to higher new and used vehicle sales coupled with certain new models available for sale during the quarter.

On the contribution of its toto betting operations, BToto said Sports Toto Malaysia Sdn Bhd saw a 2.3% drop in revenue due to the lower number of draws.

In spite of this, the unit chalked up a 2.3% higher pre-tax profit mainly due to lower prize payout in the quarter under review.

On the group’s prospects, BToto said its directors expected the number forecast operations (NFO) business to be challenging for the remaining quarters of this financial year ending April 30, 2018.

This is in view of the intense competition from illegal gaming activities coupled with rising costs and weak consumer sentiments. 

“Notwithstanding these challenges, the directors are confident that the group will continue to maintain its market share in the NFO business for the remaining quarters of the financial year,” BToto said.

Its board has declared a first interim dividend of 4 sen per share, same as last year. The entitlement date has been fixed on Oct 10.