Comments on Results and Accounting Standards
- Abridged condensed financial statements for quarter and six months ended June 30, 2023 are unaudited and prepared with same accounting policies as year ended December 31, 2022
- Football income decreased from Rs 40.3 million in 2022 to Rs 37.3 million in 2023
- Tote income for quarter at 30 June 2023 increased from Rs 23.9 million in 2022 to Rs 37.4 million
- Eleven race meetings were organized in 2023 compared to five in 2022
- Income from Megawin Ltd for the quarter in 2023 was Rs 9.9 million compared to Rs 11.5 million in 2022
- Group’s income for second quarter increased slightly from Rs 75.7 million in 2022 to Rs 84.6 million in 2023
- Group’s operating profit for the quarter ended 30 June 2023 was Rs 6.0 million compared to Rs 8.8 million for 2022 quarter
- For six months, Group’s income reached Rs 132.0 million compared to Rs 112.1 million for same period last year and operating losses Rs 3.9 million compared to a loss of Rs 4.9 million at 30 June 2022
- Football betting turnover is expected to maintain growth shown during first two quarters
- Totalisator turnover has decreased significantly since 2021 with average turnover per meeting dropping by 32.8%
- Board is concerned about company’s profitability in light of current trends
About Automatic Systems Ltd (ASL.mu)
Automatic Systems Limited operates a totalisator system for horse racing and football betting. The company runs its operations through is two subsidiaries, Supertote which deals with the horse racing bets and Superscore which deals with the football bets. Automatic System Limited organises this betting platform for the horse racing in liaison with the Mauritius Turf Club in Mauritius. The company also runs this betting platform for soccer in Africa. Automatic Systems Limited is listed on the Stock Exchange of Mauritius.
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