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PROFIT AND REVENUES DOWN IN OPAP&#039;S FIRST HALF
24th August, 2012 at 16:16:46
Little to encourage in H1-2012 for Greek gambling group
Greece's largely state-owned land and online gambling group, OPAP offered little cheer for investors in its first half 2012 results posted this week, reporting declines in revenue, net profit and EBITDA.
Revenues declined 6.2% to Euro 2,054 million, net profit slipped 5.7% to Euro 258 million and EBITDA dipped 6.4% to Euro 346.1 million.
Second quarter profits helped paint a better picture, with profits up 18% to Euro 126.1 million despite falling revenues which dipped 7.5% to Euro 989.6 million. Second quarter EBITDA was also up 4.1% at Euro 160.2 million as lower taxes and reduced operating expenses took hold.
Management reported moves toward a joint online gambling venture with GTechG2.
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