Mauritius gaming major Lottotech sees half year revenues rise 28%
The management declared in the financial statement that the strong financial performance in the six months to 30 June 2014 could be traced to an exceptionally high number of Lotto rollovers. (Image: Company)
Mauritius gaming major Lottotech declared impressive results for the six months to 30 June 2014, as half year revenues rose 28% to Rs 1.58 billion against Rs 1.24 billion a year-ago, even as profit for the period rose a whopping 136% to Rs 113.49 million from Rs 48.03 million a year-ago.
The last quarter especially witnessed a spurt in financial performance by the newly listed firm, which runs the National Lottery on behalf of the government of Mauritius.
Accordingly, Lottotech saw revenues rise 41% to Rs 855.73 million for the three months ended 30 June 2014, against Rs 608.71 million from April to June 2013.
Besides, profit for the quarter ballooned to Rs 74.84 million against 17.89 million a year-ago, showing a towering 318% rise over the previous year’s figures.
The management declared in the financial statement, “Overall, the company has delivered a strong financial performance during the six months ended 30 June 2014. This is mainly due to an exceptionally high number of Lotto rollovers. During this period the advertised jackpot reached Rs 120 million for the first time in its history. ”
Besides, management noted that the company set new records on weekly, monthly and quarterly sales categories, but observed that the performance of instant games – while satisfactory in the first quarter of the year – showed a downturn in the last quarter.
Moreover, management indicated that the earning per share would be computed on the basis of the shares issued under the 3400-for-1 share split which took place in March this year, leading to the profit of Rs 113.49 million being divided among the 340,000,000 issued shares.
The management concluded on the note that no interim dividend has been declared this year so far, while Rs 25 million had been declared as interim dividend for the half year ended 30 June 2013.
Earlier this year, Lottotech’s Offer for Sale of up to 85,000,000 ordinary shares to the public, representing 25% of the company’s shareholding of 340,000,000 shares at an offer price of Rs 10, was a huge success.
The company went on to make its official entrance on the Stock Exchange of Mauritius on June 11, 2014, amid great investor enthusiasm.
Lottotech is an important player in the island economy’s gaming market, which is estimated to be worth Rs 20 billion per annum.
The company was incorporated by the Gamma group in April 2008 and was launched in October 2009 with the aim of benefitting society by funding good causes through the sale of the National Lottery products.