Revenues popped 22 percent to $19.3 billion for the nine months, up from $15.94 billion for the gaming company Supreme Ventures, but revenues were virtually flat third quarter with sales of $6.3 billion versus $6.266 billion in 2020. ICinsider.com computation suggests the revenue loss could be around $800 million, but there are suggestions the loss could be twice that amount.
Profit after tax for the nine months slipped marginally from $1.55 billion to $1.54 billion, but third quarter profit plunged 48 percent from $596 million in 2020 down to $311 million. Earnings per share ended at 57.7 cents and 11.8 cents for the quarter.
Lockdown during the quarter due to the spread of Covid19 resulted in reduced revenues and lower profit, Executive Chairman Gary Peart advised ICInsider.com. Taxation ate up $673 million for the year to date versus $725 million in 2020 and for the 2021 third quarter, $186 million, down from $246 million in 2020.
Direct cost rose 15 percent year over year to September to $25.2 billion, from $21.94 billion in 2020 and down just two percent for the latest quarter to $7.99 billion as gross profit was constant at 79 percent in all periods, leaving profit margins at 21 percent and translating to an increase of 9 percent to $6.54 billion in the September 2021 period, from $6 billion in 2020 and a decline of 3 percent for the quarter to $2.17 billion.
The Lotteries segment reported Gaming income of $14.4 billion and delivered segment results of $2.3 billion, for an increase of $388 million or 2.8 percent, over that of 2020, but the results for the third quarter show a revenue loss of $800 million compared to the June quarter and seems directly related to the no movement days instituted during the period. Segment results declined $626 million or 21.5 percent year over year and were down 17 percent in the quarter from $907 million to $743 million.
The Sports Betting reported segment profit of $509 million from gaming income of $8.5 billion, an increase of 62 percent over 2020. “The growth is due significantly to the attractiveness of the offers and flexibility to game, enhanced with the use of the mobile platforms and support of the eCommerce platform”, Peart advised investors. Revenues were flat in the third quarter over the June 2021 quarter. PIN codes sales declined marginally, from $8.6 billion to $8.53 billion, while reporting segment results of $139 million and was virtually flat in the third quarter over the second quarter.
Selling, general and administrative expenses rose 23 percent for the nine months to $4.48 billion and 24 percent for the quarter to $1.6 billion. The stock last traded on the Jamaica Stock Exchange at $18 at a PE of 20 times earnings.