The higher pool betting duty will have a negative impact on OLYMPIA INDUSTRIES BHD [] but it would be neutral on MULTI-PURPOSE HOLDINGS BHD [] (MPHB) and Berjaya Assets Bhd's subsidiary.
Olympia said on Monday, July 5 the increase in pool betting duty from 6% to 8% "is expected to have an adverse financial impact on the operating performance of the group for the financial year ending June 30, 2011".
However, MPHB said it would not be materially affected by the increase in pool betting duty imposed on its subsidiary Magnum Corporation Sdn Bhd.
"The negative impact from the increase in pool betting duty will be mitigated by the positive contribution from the Jackpot games operated by Magnum Corp," it said.
Berjaya Assets said its 65%-owned subsidiary, Natural Avenue Sdn Bhd, was not expected to be materially impacted by the betting duty hike.
Natural Avenue is the sole and exclusive agent appointed by Sarawak Turf and Equestrian Club to operate the numbers forecast lotteries on behalf of the club.
"This new betting duty, applicable for draws from June 2010 onwards, is not expected to have a material impact on the Group's results for the financial period ended June 30, 2010," it said.
Written by Joseph Chin
The Edge Malaysia
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