Sports Toto posts RM18m 1Q net profit thanks to higher number of draws

SPORTS Toto Bhd (SPToto), formerly known as Berjaya Sports Toto Bhd, posted net profit of RM71.50 million for the first quarter ended Sept 30, 2022 (1Q23), compared to a RM17.67 million net loss in the same period a year earlier, mainly due to higher number of draws conducted.

In an exchange filing yesterday, it said the revenue for the quarter jumped 78% to RM1.42 billion.

The company said the significant earnings jump was primarily due to improved results reported by STM Lottery Sdn Bhd, formerly known as Sports Toto Malaysia Sdn Bhd, the group’s principal subsidiary company.

STM Lottery revenue was up 844.7% in the current quarter mainly attributed to higher number of draws conducted, as there were 46 draws conducted in the current quarter as compared to only eight draws in the previous year corresponding quarter, it said.

Its operations in the previous year corresponding quarter were adversely impacted with cancellation of 37 draws as all of its outlets were closed temporarily following the imposition of nationwide lockdown by the Malaysian government from June 1, 2021 to Sept 13, 2021.

On its prospect, the company said the directors anticipate that the group’s businesses will remain encouraging and steadfast, particularly with the resilient nature of the Number Forecast Operator (NFO) business, as noted in the past economic crises and turbulent periods.

The counter, which closed at its 52-week low of RM1.61 yesterday, jumped to RM1.68 in today’s early trading hours. — TMR / pic source Sports Toto FB