Magnum in red due to tax penalty

27 Nov 2018 / 21:50 H.

    PETALING JAYA: Magnum Bhd posted a net loss of RM70.51 million in the third quarter ended Sept 30 compared with a net profit of RM63.28 million a year ago mainly due to a whopping RM148.1 million tax penalty incurred in the quarter under review.

    Its revenue was 1.6% higher at RM667.11 million compared with RM656.45 million in the previous year’s corresponding quarter.

    For the nine months period, the group’s net profit was 79% lower at RM32.48 million from RM153.81 million a year ago. Revenue went up 0.3% to RM1.98 billion compared with RM1.97 billion in the previous year’s corresponding period mainly due to higher gaming revenue.

    Magnum declared a third interim single tier dividend of four sen per share for the financial period, bring the total dividend declared to-date for the financial year ending Dec 31 to 11 sen per share. The third interim single tier dividend is to be paid on Dec 28.

    On prospects, Magnum said the amicable settlement of the legal dispute with the director-general of Inland Revenue (DGIR) afforded certainty as to the financial impact of this matter on the company.

    “With the launching of our new game, Magnum Life, in April 2018 and the on-going implementation of the rebranding and reimaging exercise, the board is optimistic that the financial performance for the financial year 2018 at operational level, excluding the settlement with DGIR, shall at least match that for 2017,” it said.

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