stoto

Review of Results for the 1st Quarter ended 30 September 2024

Sports Toto Berhad (“SPToto”) reported RM1.44 billion revenue in the current quarter under review, registering a decrease of 9.5% over the revenue of RM1.59 billion in the previous year’s corresponding quarter. The Group registered a drop of 23.8% of pre-tax profit from RM89.8 million in the corresponding quarter of the previous year to RM68.4 million in the current quarter under review.

For the current quarter ended 30 September 2024, STM Lottery Sdn Bhd (“STM Lottery”) reported a softer revenue of 9.5% lower due to two lesser draws conducted in the current quarter (40 draws versus 42 draws in last year’s corresponding quarter) and lower average sales per draw with lower accumulated jackpot prizes in the current quarter. Its pre-tax profit, which dropped by 7%, was attributed to the lower sales registered but this was partially mitigated by lower prize payout in the current quarter under review.

H.R. Owen Plc (“H.R. Owen”) reported a decrease of 6.3% in revenue as compared to the previous year’s corresponding quarter. With the unfavourable foreign exchange effect when converted to Ringgit Malaysia, being the reporting currency of the Group, its revenue reported a higher drop at 8.3%. The drop in revenue was attributed to the lower sales volume from the new car sector which was impacted by the product life cycle of car models leading to the phasing out of certain current models, and manufacturers gearing towards the electrification and hybrid cars reengineering. Additionally, challenging economic conditions and uncertain sentiments in the United Kingdom following the General Election held in July 2024 had also soften the sales in the current quarter under review. The above factors had led to margin compression following the intense price competition due to oversupply of cars from certain manufacturers. As a result, H.R. Owen registered a pre-tax loss of RM11.2 million as compared to pre-tax profit of RM0.4 million recorded in the previous year’s corresponding quarter, reflecting the combined impact of reduced revenue and margin compression.