Tatts Posts Fy 2011 Results

TATTS POSTS FY 2011 RESULTS

24th August, 2012 at 03:55:41
Source: http://www.azonlinecasinos.com

Aussie gambling group reports a 16% rise in net profit

Losing out on pokie machine revenues in 2012-2013 should not unduly slow down Aussie gambling group Tatts, which has posted its annual results to June 30 2012, with a notable 16% rise in net profit to A$319.1 million.

The rise is attributed mainly to strong performances from a growing lottery business (up 15.8% to A$202.6 million) and from wagering (which reached A$136.3 million).

Revenues topped A$650.2 million

Tatts's pokies business, which has traditionally made a contribution to earnings of around 13 percent, will stop operating during the 2012/13 year. The company lost its pokies licence without compensation from the Victorian government in 2008 and is currently in litigation with the provincial government, claiming some A$490 million.

"Importantly, Tatts Pokies will exit the company with a small contribution and not drag on profits generated elsewhere as a result of redundancy costs," the company said, revealing that Tatts pokies was comparatively subdued with a 2.3% increase in revenue over the financial year.

Some analysts predict that the group's earnings in the 2013 fiscal year will reach A$590 million, delivering profits of A$210 million.

Management said it expects 2013 to be a strong year thanks to improved margins and the integration of Tasmania's Tote Tasmania into the business.

Related News Tags: , ,



« News index »



WEST VIRGINIA ONLINE GAMBLING BILL MEETS EARLY OPPOSITION (Update)

25th March, 2017 at 08:38:18
HB3067 faces political and time constraints.

MORE DETAILS ON COSTA ONLINE GAMBLING LEGALISATION BILL IN PENNSYLVANIA (Update)

21st March, 2017 at 21:54:56
Senator Jay Costa introduces his bill SB524 with the support of three other senators.

CALLS FOR HIGHER GAMBLING TAXES IN KENYA

20th March, 2017 at 07:18:24
Operators brace for rising costs as parliamentary advisers call for more taxation.

GROWING ROW IN AUSTRALIA OVER FEDERAL GOVERNMENT PLANS TO BAN GAMBLING ADVERTS

16th March, 2017 at 08:13:32
Federal government is reportedly mulling a ban on gambling adverts during live sports broadcasts which could cost media companies A$120 million or more in lost revenue.

REPUBLICANS FILE ANTI-ONLINE GAMBLING BILL IN PENNSYLVANIA

14th March, 2017 at 08:11:41
HB801 has echoes of last year's unsuccessful attempt authored by former Representative (now Senator) Mario Scavello.