Kuala Lumpur, 23rd – Sports Toto (SPTOTO, 1562, main board consumption) has experienced a significant drop in net profit, amounting to a staggering 70.8% decline to 23.22 million ringgits, for the third quarter ending in March. This decline is attributed to the reduction in lottery draw days. In light of these figures, the company has announced a dividend of 2 cents per share for the quarter.
According to the report submitted to Bursa Malaysia, Sports Toto’s turnover has also been affected, witnessing a year-on-year decrease of 4.2% to RM1,655.22 million, primarily due to the impact of STM Lottery Sdn Bhd and its British car dealership, HR Owen Company.
Despite the challenges faced during this quarter, Sports Toto’s net profit for the first nine months has shown a positive trajectory, rising by 38.6% year-on-year to RM159.58 million. Furthermore, its turnover has witnessed an 18.9% increase, reaching RM4,482.48 million.
Looking ahead, Sports Toto has acknowledged the anticipated slowdown in the country’s economic growth rate this year and emphasizes the need for vigilance among Number Forecast Operators (NFOs) to carefully adapt to changes in local government policies.
The management of Sports Toto maintains a cautious yet optimistic outlook, projecting improvements in the gaming business. They expect such progress to be supported by robust consumer spending, a rebound in travel activity, and a labor market displaying better-than-expected conditions.
The company’s board of directors remains confident in the resilience of the gaming industry. Barring any unforeseen circumstances, Sports Toto is poised to maintain its leading market position in the remaining quarter of fiscal year 2023, asserting its dominance in the realm of word-testing operations.