Betting company OPAP reported net profits of €166.9m for the first quarter of 2011 from €192.2m in the corresponding period of 2010, a decrease of 13.2%.
According to an announcement, OPAP’s revenues for the first quarter of 2011 decreased by 18.3% to €1,121.4m versus €1,372.4 in the corresponding period in 2010, mainly due to lower Stihima and Kino sales, reflecting the continued adverse economic environment and a two days agencies’ strike in January 2011.
The Group’s EBITDA reached €214.2m in Q1 2011 from €261.7m in Q1 2010, decreased by 18.2%, negatively driven by reduced revenues and increased ΚΙΝΟ and Joker payout, however enjoying the positive effect of operational efficiencies and lower payout to Stihima players.
The EBITDA margin remained flat at 19.1% in Q1 2011, primarily due decreased operational costs.
The Group’s Q1 2011 net profit amounted to €166.9 from €192.2m in the corresponding period of 2010 decreased by 13.2%.
The Net Profit margin increased from 14.0% in Q1 2010 to 14.9% in Q1 2011 as a result of mainly the lower tax rate (20% in Q1 2011 vs 24% in Q1 2010) and reduced operational costs.
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