MST Golf, the sports retailer that got listed on the main market in July 2023 recorded a total revenue of RM69.15 million for Q1 FY2025, reflecting a decrease of RM7.86 million or 10.2%, compared to RM77.01 million in Q1 FY2024. The group delivered a loss of RM1 million compared to a profit after tax of RM1.4 million the year before.
The Trading segment comprises the Group’s Retail and Wholesale businesses. In the current reporting quarter, the Retail segment recorded a lower revenue of RM59.61 million, representing a decrease of 6.5%. The decline was mainly impacted by the timing of the Ramadhan fasting month, which fell on 2nd March to 1st April, traditionally a low sales period for Malaysia and Indonesia. In addition, Retail revenue in Singapore was also lower due to continued weak consumer sentiment carried over from the previous year.
The Group’s revenue in Malaysia declined by 10.3%, largely driven by a 7.3% decline in retail sales, particularly in golf equipment and accessories. In Singapore, revenue decreased by 26.0%, while Indonesia posted a strong growth of 78.6%, supported by the contribution from 5 retail stores. The 5th store opened in October 2024.
The Wholesale business primarily involves trading of golf equipment, posted a lower revenue for the quarter at RM7.32 million (Q1 2024: RM10.07 million). The decline was mainly due to reduced wholesale activities into Indonesia from the Singapore operations as the Group continues to capture the retail market share in Indonesia.
The Golf Services business was also down, recording revenue of RM1.14 million (Q1 2024: RM1.91 million). The lower revenue was mainly due to the absence of corporate tournaments for the quarter, typically observed during Chinese New Year and Ramadhan. In the Indoor Golf segment, revenue decreased 15.7% mainly due to lower Food and Beverage (F&B) sales,
as a result of strategic outsourcing of F&B operations at one of the outlets for operational cost efficiencies.
MST recorded a lower gross profit margin of 39.2% (Q1 2024: 40.8%) due to increased promotional activities in Singapore and generally lower product margin in Indonesia. PBT and PAT The Group recorded a loss before tax and after tax for the current financial period compared to the corresponding period. The loss was mainly incurred in Singapore and Indonesia resulted from lower sales and contribution.
