Megabet boosts H1 turnover but ends in the red

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Megabet (MEGA), the island’s second largest betting group reported a 20% increase in turnover for the first half of its financial reporting year ending January 2005, but recorded a loss as it distributed higher wins to its customers.

Turnover for the first half ending January 31, 2005 surged to CYP 12.36 mln from CYP 10.29 mln a year ago in the same period, but with the distribution of wins to customers surging by 30.4% to CYP 11.49 mln from CYP 8.8 mln before, the gross profit fell sharply to CYP 870.214 from CYP 1.48 mln a year ago.

With costs remaining stubbornly high, Mega reported operating losses of CYP 330.236 for the first half of this year compared to CYP 303.000 a year ago.

Net after tax losses after minority interest reached CYP 328.035 compared to net first half profits a year ago amounting to CYP 298.222. Loss per share was 0.49 cent.

In the balance sheet, cash balances improved to CYP 1.034.446 from CYP 952.000 a year ago, but bank debt also increased to CYP 923.000 from CYP 702.836 a year ago.

Shareholders funds decreased to CYP 1.99 mln from CYP 2.29 mln a year ago, with the book value per share amounting to 3 cent, while the price to book value jumped to 0.90x.