The biggest and the only listed casino and online gaming company in India, Delta Corp, which runs half of the offshore casinos in Goa, has seen their profits decline almost by 50% for the quarter ending on 31st March as compared to the previous one.
The corporation reported a net profit of Rs. 29.04 crores against a profit of Rs. 55.07 crores for the third quarter, which ended on 31 December 2019.
The total income went down 10.35% from Rs. 213.39 crores to Rs. 191.30 crores! The earning per share also took a hit. It went down a massive 47.29%, from Rs. 2.03 to Rs. 1.07.
Financial year comparisons also show a decline, from 18-19 to 19-20. Total year-on-year income of Rs. 806.75 crores is down 2.7% from Rs. 829.10 crores in the last financial year. Net profit fell 5.6% from Rs. 196.76 to Rs. 185.63 crores. Earnings per share were down 6.04% – Rs. 6.86 from Rs. 7.29.
The casino giant has been hit hard by the lockdown restrictions and the necessary closure of public places such as casinos. The corporation runs major names like Deltin Royale – Asia’s largest offshore casino vessel – Deltin JAQK, Deltin Caravela and Jalesh Cruises, plus venues in Sikkim and Daman.
Nevertheless, Delta Corp has been making back some of the lost money through its online skill gaming operations such as Adda52 and Adda52Rummy. The revenue increased from Rs. 40.29 crores, in the third quarter, to Rs. 45.30 in the final quarter!
This pushed yearly figures for online gaming up to Rs. 162.14 crores from Rs. 148.16 crores in the previous financial year.
Despite the financial challenges arising due to the lockdown, the company says that,
“The management has also evaluated the possible impact of this pandemic on the business operations and the financial position of the Group and based on its initial assessment of the current indicators of the future economic conditions, believes that there is no significant impact on the financial results of the Group, as at and for the year ended 31 March 2020.”
They added the positive news that Goa, Sikkim and Daman have been declared green zones (free of COVID-19) and could see the company’s operations in these states resume within a few months.
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