PETALING JAYA: Magnum Bhd returned to the black registering a net profit of RM48.01 million for the third quarter ended Sept 30, 2019 against a net loss of RM70.51 million previously, mainly due to the absence of the tax penalty amounting to RM44.2 million incurred in the previous corresponding period.
Revenue for the quarter under review slipped 2.2% to RM652.1 million from RM667.11 million.
Gaming sales for the current quarter came in at RM652.1 million, 2.3% lower than the same quarter a year ago, mainly attributable to five lesser draws and the effect of 6% service tax as compared to “zero” goods and services tax effect from June 1, 2018 to Aug 31, 2018.
The group has proposed to declare an interim dividend of 4 sen per share.
Magnum’s nine-month net profit jumped over five times to RM182.44 milllion from RM32.48 million in the same period a year ago, while revenue rose 4.8% to RM2.07 billion from RM1.98 billion.
The group said although the number of special draws has been reduced in 2019, it is cautiously optimistic that the growth trend in the per draw revenue as observed in the first nine moths will offset the downward pressure caused by the reduction in the number of special draws.
“Together with the sustained momentum of enforcement by the authorities on illegal operators and our ongoing rebranding & reimaging exercise, the board expects the financial performance for the financial year 2019 to be similar to that of 2018.”
source https://www.thesundaily.my/business/magnum-back-in-the-black-in-third-quarter-YE1622562
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