Friday 29 Mar 2024
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KUALA LUMPUR (June 2): Number forecast operator (NFO) Berjaya Sports Toto Bhd’s (BToto) net profit stood at RM48.61 million for the third quarter ended March 31, 2020 (3QFY20).

Quarterly revenue was at RM1.33 billion, according to its filing to Bursa Malaysia today.

There were no comparison numbers for the previous year’s corresponding period, due to a change in its financial year end from April 30 to June 30.

For the cumulative nine months ended March 31, 2020, its net profit stood at RM177.5 million, while revenue for the period was at RM4.18 billion.

BToto said the government, in response to the Covid-19 outbreak in the country, has imposed the movement control order (MCO) with effect from March 18, 2020 and subsequently, a conditional MCO was imposed for the period from May 4, 2020.

The MCO has impacted the operations of Sports Toto, as six draws in 3QFY20 had been cancelled. In the UK, the auto retailing business operated by H.R. Owen Plc (H.R. Owen) had shut down its operations since March 23, 2020.

Should the conditional MCO end on June 9, 2020, NFOs are allowed to resume operations on June 10 onwards and Sports Toto will effectively have only nine draws in 4QFY20.

Moving forward, the directors are cautiously optimistic that the business will “gradually recover”, given the NFO industry was fairly resilient in the past economic crises, BToto.

With the operations of the main subsidiaries being shut down for more than two months of the 4QFY20, this will significantly impact the group’s results for the remaining quarter of FY20.

Shares of BToto shot up 15 sen or 6.8% at RM2.35 today, valuing the company at RM3.17 billion.

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