Big betting losses drop pushes SVL profits

Supreme Ventures profit rose sharply for the 2017 March quarter.

A huge fall in losses of Supreme Ventures sports betting, a fall of $82 million in operating expenses plus a 20 percent jump in revenues pushed profit up 51 percent to $416 million for the 2017 first quarter to March.
Profit before taxation grew by a much slower 39 percent, moving from $415 million in 2016 to $549 million in 2017. Earnings per stock unit ended the quarter at 15.8 cents up from 10.44 cents in 2016.
Sports betting lost just $9.5 million, sharply down from $68 million in the 2016 quarter, from $39 million fall in revenue, to $157 million, while Gaming that used to be a big loss maker chipped in with improved segment profit of $21 million, up from $10 million in 2016 with an increased revenue flow of $16 million to end $114 million. The group lost $19 million on its newly acquired subsidiary Caymanas Track, from revenues of $328 million. Caymanas Track Limited acquisition from the Government of Jamaica was effected on March 7. Lottery revenues rose from $8.8 billion to $10.4 billion for the quarter and contributed $556 million to profit up from $452 in the 2016 period.
Group revenues amounted to $13.4 billion, 20 percent higher than $11.2 billion in the corresponding period in 2016. Gross profit climbed 6 percent from $1.15 billion to $1.22 million. Administrative expenses rose 7 percent from $236 million to $252 million, finance cost fell from $40 million to $31 million.
SVL generated cash flows of $600 million in the quarter, up from just $49 million in 2016 as corporation taxes of $409 million paid in 2016 pulled down inflows for that period while tax payment for 2017 was just $121 million.
Shareholders’ Equity stands at $4 billion with borrowings at $380 million and cash and short term investments of $2 billion. Current assets amounted to $3 billion and current liabilities at $1.9 billion.
The Company is listed on the Jamaica Stock Exchange and last traded at $6.38 for a PE of 11 based on estimated earnings of 60 cents for 2017, the stock could pock higher with the average market PE at 13 times this year’s estimated earnings.

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