Licensed lottery operator and gaming technology supplier Intralot SA has announced its financial results for the previous nine months showing a 41.5 percent rise in consolidated revenues to $1.023 billion.
The Greek firm behind the lotteries of American states such as Nebraska, Ohio, South Carolina and Montana stated that its financial report had been prepared in accordance with International Financial Reporting Standards and revealed that revenues hit $173.99 million for the first nine months of 2008, which was practically unchanged from last year to last year. It stated that earnings before interest, tax, depreciation and amortization (EBITDA) halved to $32.05 million from $70.71 million in 2007 while earnings before tax also dropped to $58.38 million from $123.24 million.
The Athens-based company reported that its earnings after tax shrank to $47.44 million from $105.04 million last year due to reduced domestic sales. However, it stated that these would continue to be offset by the significantly increased international expansion of the group.
“During the past three months, Intralot has signed a number of new significant contracts,” said Constantinos Antonopoulos, Chief Executive Officer for Intralot.
“Regarding our nine-moth 2008 results, the continued strong growth of the top-line reflects the international expansion and the good performance of our business. However, some developed markets have started to show some signs of a slowdown, a fact that is not the case in developing markets.
“On the other hand, profits have been impacted by three major factors. First, by the increased volatility and depreciation of developing market currencies majorly due to the financial crisis that we have been witnessing, second, due to the appreciating US Dollar as costs related to IT are denominated in this currency, and third, by increased start-up costs that ramped up in the third quarter due to the inauguration of two US state lotteries in November and business development costs for new projects.”