KUALA LUMPUR (June 18): Berjaya Sports Toto Bhd (BToto) doubled its net profit to RM70.18 million for the fourth quarter ended April 30, 2019, from RM35.18 million in the previous year's corresponding quarter, helped by lower prize payout and a decline in operating expenses.

Revenue for the quarter rose 8% to RM1.51 billion from RM1.4 billion a year earlier.

The group declared a fourth interim dividend payment of 4.5 sen per share amounting to RM60.6 million, bringing the total dividend distribution to RM215.5 million for the 12 months to April 30, representing 78% of the group's profit.

In a statement, BToto said it saw a 66.4% increase in pre-tax profit, which was attributed to higher profits recorded by Sports Toto Malaysia Sdn Bhd.

However, this was partly offset by lower results reported by Philippine Gaming Management Corp (PGMC) and H.R. Owen.

"PGMC reported a decrease in revenue of 43.4% to RM16.3 million from RM28.8 million in the previous year's corresponding quarter while pre-tax profit decreased 73% to RM3.8 million from RM14.1 million in the previous year's corresponding quarter.

"The lower results reported were mainly due to lower lease rental income earned from the Philippine Charity Sweepstakes Office," it said.

Meanwhile, H.R. Owen, which saw a 46.4% decline in pre-tax profit to RM7 million, was affected by higher operating and investment-related expenses during the quarter.

For the 12 months to April 30, BToto's net profit jumped 20% to RM276.42 million from RM229.66 million in the previous year, while cumulative revenue grew 1% to RM5.72 billion from RM5.66 billion.

“The directors anticipate that the performance of Sports Toto will be satisfactory and are confident that the group will continue to maintain its market share in the number forecast operator business for the remaining two-month period of the financial period ending June 30,” said the group on its prospects.

The group recently changed its financial year end from April 30 to June 30.

BToto's share price rose five sen or 1.96% to close at RM2.60, translating to a market capitalisation of RM3.51 billion.