OPAP re­ports 13 per­cent fall in earn­ings

Kathimerini English - - Business & Finance -

OPAP, Europe’s big­gest bet­ting com­pany, said yes­ter­day first-quar­ter net profit fell 13 per­cent, hit by de­te­ri­o­rat­ing eco­nomic con­di­tions and fewer sports events.

Net profit came in at 167 mil­lion eu­ros com­pared with a fore­cast for 161.7 mil­lion in a Reuters poll.

Sales fell 18 per­cent to 1.12 bil­lion eu­ros, com­pared with a fore­cast for 1.17 bil­lion. Turnover from the two flag­ship games, Kino and Sto­ichima, were down 14 per­cent and 23 per­cent re­spec­tively.

The EBITDA profit mar­gin was flat at 19.1 per­cent, helped by op­er­at­ing cost cuts and lower pay­outs to Sto­ichima win­ners.

“Man­age­ment seems to re­main com­mit­ted to im­prov­ing its op­er­at­ing cost mix,” EFG Eurobank Se­cu­ri­ties said in a note yes­ter­day.

“As a re­sult, spon­sor­ships, grants and ad­ver­tis­ing ex­penses came in at 29 mil­lion eu­ros, some 6 per­cent lower than in the first quar­ter of 2010,” it added.

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