PETALING JAYA (Sept 18) : BERJAYA SPORTS TOTO BHD  (BToto) net profit for the first quarter ended July 31, 2012 rose 22.4% to RM114.7 million compared with RM93.7 million a year earlier.
Revenue for the quarter rose to RM899.91 million from RM845.81 million in 2011.
BToto said on Tuesday that the increase in earnings during the quarter was fueled by improved results at its priced subsidiary Sports Toto Malaysia Sdn Bhd (STM) and Berjaya Philippines Inc (BPI).
It declared a first interim single tier exempt dividend of 6.5 sen per share to be paid on October 16.
“STM recorded a growth in revenue of 6% as compared to the previous year corresponding quarter mainly attributed to strong sales from high jackpot in the Power Toto 6/55 game and 3 months' sales contribution from the 4D Jackpot game compared to 1 1/2 months in the previous year corresponding quarter.
“The increase in pre-tax profit of 14.9% was mainly due to lower prize payout in the current quarter under review,” the group stated in a filing Tuesday.
Against the immediate preceding quarter ended April 30, 2012, STM’s pre-tax profit increased by 24.4% mainly due to lower prize payout in the current quarter under review.
Its Philippine subsidiary recorded an increase of 9.8% in revenue and 41.7% in profit before tax, attributed to the higher lease rental income arising from the improved sales registered by the Philippines Charity Sweepstakes Office as well as the recognition of gain on disposal of certain quoted investments during the quarter under review, stated BToto.
Regarding the future prospect of the number forecasting business, BToto noted that the sector is expected to remain resilient despite the cautious economic outlook. BToto’s board of directors expect the group to be able to maintain its market share in the number forecasting operator business.
BToto is in the midst of spinning off STM into a trust called STM-Trust, and to be listed on the Singapore Exchange for RM6 billion, which will be satisfied by the issuance of 4.43 billion trust units issued at S$0.50 each or RM1.24 and about RM527.4 million would be settled via the issuance by STM-Trust of a promissory note or bill of exchange in favour of BToto