Gambling Monopoly Profits for the Greek Lowered

The Greek gambling monopoly OPAP that is partly state-owned has not really gained in attraction as a privatization acquisition since the release of its Q1-2013 stats on Thursday.  They posted a net profit of Euro 38.9 million which is the lowest since Q4-2013 as reported by the Reuters news agency.  Sales have plunged by 18 percent in this quarter falling below forecasts released by analysts. 

The management of the company is staying with its forecast for net profit for the year of Euro 116 million.  They claim that the company has been held back by a deepening recession and higher taxes in the austerity-stricken Greek market.  The cash-strapped government of the Greek has hit OPAP with a levy of 30 percent on gross profits prior to agreeing to privatize the company earlier this month.  The OPAP sales agents five day stroke has also had a negative effect to the company’s revenues in January.

The first three months net income for the year has gone down by 71 percent year-on-year to Euro 38.9 million.  Sales have also dropped by 18 percent to Euro 869 million falling short of analysts’ Euro 900 million forecasts.  It’s been reported that management of the company has stated that the environment of the current economy continues to be unfavorable but they stand by their forecast for a net profit of Euro 116 million for the 2013 year.

May 24, 2013 by : posted in Gambling News No Comments