In the third quarter of the year, Lottotech experienced a slight decline in revenue, totaling MUR302.7m (£5.8m/€6.4m/$7.6m), which was a decrease of 0.8% compared to the same period in the previous year. This decline was mainly attributed to the ongoing impact of the Covid-19 pandemic. However, Q3 showed better revenue performance compared to the first half of the year. Lottotech had to temporarily suspend its operations due to the lockdown imposed in the country, which lasted from 20 March to 6 June. Although certain restrictions still persist, their effects were less significant in Q3. In fact, the revenue generated in Q3 was almost equal to the revenue generated in the entire first half of the year (MUR311.1m).
Turning to costs, net finance costs for Q3 amounted to MUR424,853, resulting in an MUR36.0m profit before tax, which was a decrease of 5.0% compared to the previous year. Lottotech paid MUR9.6m in income tax during Q3, higher than the MUR5.8m paid in the same period last year, resulting in a net profit of MUR26.4m, showing a decline of 17.8% compared to 2019.
Lottotech acknowledged the ongoing threat posed by the Covid-19 outbreak in Mauritius and expressed uncertainty regarding the availability of a vaccine. The company assured that all necessary measures are being taken to ensure the safety of employees, customers, and partners. However, Lottotech anticipates volatility and uncertainty in its financial performance for the remainder of the year.
Looking at the year-to-date performance, Lottotech’s revenue for the first nine months of the year amounted to MUR633.8m, which reflects a significant decline of 33.4% compared to the same period in 2019 (MUR952.2m). Finance income for the period was MUR370,386, resulting in an operating profit of MUR50.2m, down by 59.2% year-on-year. The company paid MUR18.7m in income tax during the three quarters, leaving a net profit of MUR31.5m, showing a substantial fall of 69.3%.
