Without this GST adjustment in the current quarter, where 18 out of 20 months relates to prior periods, the current quarter sales was lower by RM24.5 million," it said. For FY16, net profit fell 16% to RM190.8 million from RM226.8 million, while revenue slipped 4% to RM2.6 billion from RM2.8 billion. If impact of the combined GST effects was stripped, FY16 gaming sales dropped by RM86.3 million or 3% from FY15. The lower sales and marginally higher prize payout ratio compared to FY15, resulted in its gaming profit before tax declining 15% year-on-year to RM284.3 million from RM335.3 million. Moving forward, Magnum said it expects its gaming revenue to continue to be negatively affected as consumer sentiments remain weak while competition among illegal operators increases.

Source: The Edge Markets February 23, 2017 11:48 UTC