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Spain – Cirsa reports improved first half results

By - 10 September 2014

Spanish operator CIRSA saw operating profit surge by 8.3 per cent to €154m during the first half of 2014.

The operator reported that second quarter net operating revenue increased to €330.2m, although earnings before interest and tax (EBIT) dropped by over 50 per cent year-on-year due to higher personnel and external costs, gaming taxes, and write-downs.

Operating income came in at €760m, dropping by 13.9 per cent up on the corresponding period in the previous year.

The improved revenue and profitability was mainly due to the introduction of betting houses and bingo Sportium in Catalonia. Sportium has a growth plan that includes opening 120 outlets in Catalonia and is the first bookmaker to operate in that community. The group’s Spanish casinos also reported improved results with the property in Marbella experiencing increased tourism revenue. Cirsa also has a 54 per cent share of the Spanish AWP sales business through its Unidesa brand.

In Latin America, both Colombia and Peru showed improved results, despite unfavourable exchange rates. Cirsa added two new rooms in Argentina with 900 machines. It has also acquired a new operator in Peru with nine slot halls and 1,200 machines. In Colombia and Panama the group improve their income.

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