BToto says outlook "extremely challenging" as Covid-19 restrictions hurt sales


KUALA LUMPUR: Berjaya Sports Toto Bhd (BToto) said net profit fell 62% in the March quarter to RM18.68mil on revenue of RM1.12bil due to Covid-19 restrictions.

Sports Toto Malaysia Sdn Bhd, the group's principal subsidiary, registered a decrease in revenue and pre-tax profit of 36.1% and 65.1%, respectively.

The lower revenue registered in the current quarter was mainly due to the implementation of the Second Movement Control Order (MCO 2.0) in all states in Malaysia except for Sarawak from Jan 13 to Feb 18.

"Even though Sports Toto outlets resumed operations on Feb 19, sales recovery was slower than expected due to weaker consumer sentiments and consumers being cautious in patronising sales outlets during the Conditional MCO period.

The drop in pre-tax profit was in line with the lower sales coupled with higher prize payout during the current quarter.

The group said Sports Toto’s operations is expected to be affected by the reimplementation of the nationwide MCO effective May 12.

As the number of new Covid-19 cases remained high and death toll continued to rise, the outlook remained challenging for the group.

"It is extremely challenging to ascertain the full extent and duration of the impact to the Group's operations and financial performance," it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Berjaya Sports Toto

   

Next In Business News

Inside Google’s quest to become a cloud-computing giant
Oil inches up as tight supply, vaccinations outweigh virus concerns
FBM KLCI edges higher amid talk of economic reopening
AmInvest launches Hong Kong Tech Index Fund
Malaysia Airlines leverages on AI, pricing to enhance revenue
Ringgit opens higher against greenback on weak US home sales
Semicon equipment makers post US$3.67b in billings in June
KLCI stages mild rebound but gloves in the red
Quick take: KAB climbs on new solar PV contract
Quick take: BCM rises 3.2% on partnership with rLoop

Stories You'll Enjoy


Vouchers