GGRAsia – Online lottery specialist Berjaya net profit dips fivefold

Online lottery specialist Berjaya net profit dips fivefold

Sep 16, 2014 Newsdesk Industry Talk, Latest News, Philippines, Top of the deck

Manila-listed Berjaya Philippines Inc reported a decline in net profit for the financial quarter ended July 31. Berjaya is a conglomerate that is 100 percent equity owner of Philippine Gaming Management Corp, a firm that leases out and provides software support for online lottery equipment.

The parent had a consolidated net profit from all operations of approximately PHP222.81 million (US$5.03 million) during the period. Judged quarter-on-quarter, the result was a fivefold decline on the PHP1.13 billion consolidated net profit reported by the group in the financial quarter ending April 30. But net income for the quarter was still up 2.6 percent year-on-year.

Consolidated total revenues fell twofold quarter-on-quarter, to approximately PHP6.50 billion from nearly PHP13.10 billion in the quarter ending April 30, said Berjaya in a filing to the Philippine Stock Exchange. Factors in the revenue decline included a more than fourfold quarter-on-quarter decline in income from the group’s leasing activities.

The group said in its filing that the Philippine Gaming Management unit has an arms length relationship with a related company called International Lottery and Totalizator System Inc, a U.S. corporation.