RM59m net profit for BToto

  • Corporate News
  • Tuesday, 19 Mar 2019

PETALING JAYA: BERJAYA SPORTS TOTO BHD (BToto) has reported marginally lower earnings for the third quarter ended Jan 31, 2019 (3Q19), due to lower contributions from its operations in Malaysia and the Philippines, but mitigated by better results from its luxury car business in the United Kingdom.

The numbers forecast operator (NFO) posted a net profit of RM59.07mil for 3Q19, compared with RM59.23mil in the corresponding period of the previous year. Its earnings per share (EPS) was relatively stable at 4.39 sen for 3Q19, compared with 4.40 sen previously.

During the period in review, BToto saw its revenue falling 3% to RM1.36bil from RM1.40bil in the previous corresponding period, and its pre-tax profit was 4.4% lower at RM94.43mil, compared with RM98.77mil previously.

BToto has proposed a third interim dividend of 3.50 sen per share.

BToto’s shares gained four sen to close at RM2.37 yesterday.

In its filings with Bursa Malaysia, the company explained the drop in revenue was mainly due to lower revenue reported by HR Owen plc and Philippine Gaming Management Corp (PGMC), while the decline in its earnings was mainly due to the lower results of PGMC and Sports Toto Malaysia Sdn Bhd but mitigated by the improved results attained by HR Owen in the current quarter under review.

“Sports Toto recorded a marginal drop in revenue of 0.5% as the previous year’s corresponding quarter had more draws than the current quarter. Pre-tax profit was lower by 6.2% primarily due to a higher prize payout in the current quarter under review,” BToto said.

It noted that PGMC had reported a 41.6% drop in revenue and 65.8% drop in pre-tax profit as a result of lower lease rental income earned from the Philippine Charity Sweepstakes Office.

As for HR Owen, BToto said, while the company reported a 5.6% drop in revenue due to lower sales from the used-car sector, it saw an increase of 36.4% in pre-tax profit on higher sales in the new car sector.

For the cumulative period, BToto’s net profit rose 5.6% to RM206.25mil for the nine months to January 2019, from RM195.28mil in the previous corresponding period, and its EPS grew to 15.31 sen from 14.49 sen previously.

Its nine-month revenue fell 1.1% to RM4.21bil from RM4.26bil previously.

BToto said the decline in its nine-month revenue was mainly due to lower revenue reported by HR Owen, PGMC and Sports Toto.

Nevertheless, the group managed to record an increase in pre-tax profit of 3% to RM321.76mil in the nine months to January 2019 from RM312.37mil previously, thanks to the improved results of HR Owen, but this was partly offset by lower results registered by Sports Toto and PGMC.

On its prospects for the remaining quarter for the financial year ending April 30, 2019, BToto said it anticipated the performance of the NFO business of Sports Toto to be satisfactory, adding that it was confident of maintaining its market share in the NFO business.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3

What do you think of this article?

It is insightful
Not in my interest

Across The Star Online