|Greek gaming monopoly OPAP has announced that net profits for last year rose 19 percent to $958.1 million boosted by higher revenues from its Kino lotteries.|
The part State-owned betting concern stated that the results, adjusted for a donation made to recent fire victims, beat the average forecast of $564 million made by seven analysts in a recent poll by Reuters.
'We are satisfied with 2007 numbers and are especially pleased with the continued favourable course of Kino as well as with the fixed-odds betting Stihima performance,' read a statement from Christos Hadjiemmanuil, Chief Executive for OPAP.
OPAP stated that sales rose 9.3 percent to $7.9 billion last year as Kino revenues jumped 31 percent to $3.7 billion after benefiting from the game's extended playing hours alongside the higher number of lottery terminals. In addition, fourth-quarter earnings increased 12.7 percent to $271 million with adjusted profits for the three-month period advanced 25 percent to slightly over $300 million.
However, the news was not all good as the group reported that revenues from its fixed-odds Stihima betting game dropped six percent to $3.5 billion.