Home Businessuite Markets Supreme Ventures Racing and Entertainment Continues To Weigh Down Profits
Supreme Ventures Racing and Entertainment Continues To Weigh Down Profits

Supreme Ventures Racing and Entertainment Continues To Weigh Down Profits

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Supreme Ventures Limited is reporting in just released six months unaudited financial statement, a 13 percent increase in revenue and 19 percent in gross profits.

The results for the period ending June 2018 showed JA$30.95 Billion in revenues and JA$1.05 Billion in profits.
The revenue performance indicates an increase over the corresponding period in 2017, while direct expenses were JA$27.68 Billion, or 12.38 percent higher than prior year.

Commenting on the results, President and CEO Ann-Dawn Young Sang reported that gross profits increased by JA$527 Million, and was attributed to higher gross profit amounts for Cash Pot, Pick 4, Money Time, Super Lotto, Horse Racing, VLT and Sports Betting.

Net results for the three months ended June 30th, she said declined over prior year, from JA$502 Million to JA$432 Million.

This she said is mainly due and attributable to game behaviour and design, and the fluctuations which sometimes arise from the unpredictability of the payout ratios of the games offered, particularly Cash Pot. This will normalize by the end of the year, she reported.

Commenting further she indicated that Supreme Ventures Racing and Entertainment Limited, incurred a loss for the period, attributed mainly to increased expenditure on necessary repairs and maintenance, as well as the unavoidable delay with the implementation of the new AMTOTE system, which is expected to assist with expanding the revenue base.BM

To view Supreme Ventures Limited Interim Report to Stockholders for the Six Months Ended 30th June 2018 click HERE

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