MST Golf recorded a total revenue of RM77.01 million for Q1 FY2024, a decrease of RM9.28 million or 10.8%, compared to RM86.29 million for Q1 FY2023. The company which listed on Bursa last year saw its profit after tax sink to RM1.4 million compared to RM8.7 million recorded in the previous year.
The Group said its retail segment recorded a higher revenue for the current quarter at RM63.75 million compared to RM61.59 million in the corresponding quarter, representing a marginal increase of 3.5% which was largely attributed by the retail expansion into Indonesia. However, Malaysia retail recorded an expected lower revenue due to Ramadhan which started on 12th of March, usually the lowest revenue period of the year.
Wholesale segment recorded lower revenue for the current quarter at RM10.07 million compared to RM21.03 million in the corresponding quarter. This is mainly contributed by the decrease in export sales from Singapore to the Indonesian dealers as the Group expands its retail presence in Indonesia.
Golf Services segment recorded lower revenue for the current quarter at RM1.91 million compared to RM2.44 million in the corresponding quarter. This is aligned with the Group’s historical sales trends, typically experienced during Ramadhan.
The Group recorded a gross profit margin of 40.8%, a decrease from 43.1% in the corresponding quarter. This it said was due to higher sell-through of off-season products during sales and festive promotional activities in the current quarter. The Group recorded lower PBT and PAT for the current financial period in comparison to the preceding period. This was mainly caused by lower revenue and higher operating costs due to inflation, ongoing gestation period of the Indoor Golf operations and the initial start-up costs incurred for Indonesia’s operation.
