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Lottotech Q2 profit falls YOY

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Lottotech Q2 profit falls YOY

Lottotech Ltd. said its second-quarter normalized net income came to 4 Mauritian cents per share, a decrease of 74.9% from 15 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.6 million rupees, a decrease of 76.1% from 52.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 12.5% from 23.0% in the year-earlier period.

Total revenue declined 55.9% year over year to 100.9 million rupees from 229.0 million rupees, and total operating expenses declined 44.8% on an annual basis to 81.0 million rupees from 146.8 million rupees.

Reported net income came to a loss of 16.2 million rupees, or a loss of 5 cents per share, compared to income of 74.8 million rupees, or 22 cents per share, in the year-earlier period.

As of Aug. 5, US$1 was equivalent to 35.51 Mauritian rupees.