Lottotech remains in profit despite revenue decline in Q3

| By Robert Fletcher
Lottotech, operator of the Mauritius national lottery, reported a net profit of MUR18.2m (£314,281/€367,837/$420,645) during the third quarter of its 2021 financial year, despite revenue falling 15.6% year-on-year.

Revenue for the three months to 30 September amounted to MUR255.4m, down from MUR302.7m in the corresponding period last year.

Lottotech did not publish a breakdown of its revenue performance, nor did it disclose any details of operating costs, but it did reveal that operating profit fell 39.8% to MUR21.9m.

Net finance costs amounted to MUR444,228, marginally up on last year, which resulted in a MUR21.5m pre-tax profit, down 40.3% year-on-year.

Lottotech paid MUR3.3m in tax during the quarter, leaving a net profit of MUE18.2m, down 21.1% from 2020.

In terms of year-to-date, revenue for the nine months to the end of September came in at MUR745.8m, up 17.7% on last year, while operating profit climbed 13.4% to MUR56.6m.

Pre-tax profit increased 10.0% to MUR55.2m, while after accounting for MUR9.3m in tax payments, net profit for the period was up 45.7% to MUR45.9m.

“In the context of the Covid-19 pandemic, the re-opening of the Mauritian borders on 1 October has instilled a feel-good factor in the Mauritian economy and a restoration of customer confidence,” Lottotech said.

“However, economic and trading conditions are still expected to remain challenging due to the uncertainties surrounding Covid-19 and Covid variants. Lottotech will continue to adopt all necessary measures to mitigate the downside financial risks caused by the pandemic while ensuring the safety of its employees, customers and partners. 

“The company will have adequate funds to discharge any existing commitments and obligations.”

Subscribe to the iGaming newsletter