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.

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