World Cup impacts Magnum as profit and revenue decrease in Q2 – business news

KUALA LUMPUR: Numbers predict operator Magnum Bhd lower sales and net profit in the second quarter ended June 30, 2018, because it was due to the weaker financial performance, mainly as a result of the World Cup ranking in June.

It reported on Friday net profit fell by 19.9% ​​to RM48.05mil of RM60mil a year ago due to lower revenues and coupled with a higher prices pay-out ratio. Sales decreased by 3.2% to RM600.39mil of RM620.58mil.

The earnings per share amounted to 3.38 sen compared to 4.21 sen. It declared an interim dividend of three per share, comparable with a year ago.

"The sale of games for the current quarter with RM600.2mil is lower than the quarter before in the same quarter of 3.2% or RM20.1 mln. The decline is mainly due to the World Cup that took place in June 2018," said the.

Magnum said by lower gaming revenue and higher payout ratio, the pre-tax profit before tax fell significantly with RM23.4mil of RM91.7mil a year ago.

In the first half of the year, net profit increased by 13.7% to RM103mil of RM90.53mil in the previous corresponding period due to lower prices. Turnover was stable at RM1,312bil compared to RM1,317bil.

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