Friday 29 Mar 2024
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KUALA LUMPUR (Aug 19): Berjaya Sports Toto Bhd (BToto) posted a net loss of RM41.38 million in the two months ended June 30, 2019 — its first loss-making period in 15 years since 2004 — mainly due to a RM78.43 million impairment of goodwill and assets.

The group said in a stock exchange filing today that without "the impairment of goodwill and assets of the disposal group of leasing of lottery equipment business in the Philippines" that was included under its investment-related expenses, it would have registered a pre-tax profit of RM51.6 million for the period. 

The Philippine Gaming Management Corp, which ceased to be an indirect subsidiary of the group following a stake dilution by Berjaya Philippines Inc in July, is presented as the disposal group in the reporting period, and classified as discontinued operation.

Its revenue for the quarter came in at RM974.92 million, mainly contributed by sales from the number forecasting operating (NFO) business at Sports Toto Malaysia Sdn Bhd (Sports Toto) and the auto retailing business operated by H.R. Owen Plc. 

No comparative figures were provided, as the group has changed its financial year end from April 30 to June 30, to coincide with the new financial year end of its holding company, Berjaya Land Bhd.

Its net profit for the 14-month ended June 30 came in at RM235.05 million, on a revenue of RM6.70 billion. 

Moving forward, the directors of BToto expect that the performance of its principal subsidiary, Sports Toto, will be satisfactory, and are confident that the group will continue to maintain its market share in the NFO business for the financial year ending June 30, 2020 (FY20).

BToto's share price rose three sen or 1.10% to close at RM2.76 today, translating into a market capitalisation of RM3.72 billion. It saw some 1.83 million shares traded. In the past one year, the stock has climbed about 30%.

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