GGRAsia – Intralot’s losses widen in 2Q

Intralot’s losses widen in 2Q

Aug 15, 2014 Newsdesk Industry Talk, Latest News

Athens-based gaming and lottery supplier Intralot SA announced net losses of EUR15.5 million (US$20.7 million) for the second quarter of 2014. That was worst than the EUR2.3 million in net losses the company reported for the same period a year earlier, impacted by higher costs of sales, selling expenses, interests and similar charges, and taxes.

Consolidated revenues increased by 27.2 percent year-on-year to EUR459.8 million, compared to EUR361.5 million, the company said on Thursday.

Intralot reported net losses of EUR24.1 million for the first half of 2014, from a net profit of EUR2.6 million for the same period one year before.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) in the first six months of this year where shaped at EUR89.5 million, down by 8 percent in year-on-year terms. Intralot said that discounting a negative currency exchange impact of EUR8.6 million, EBITDA would have reached EUR98.1 million for the first half of 2014, an increase of 0.4 percent compared to the same period of 2013.

“As we have completed the first half of 2014, we are very satisfied to have extended the duration of five of our existing contracts in North America, Australia and Asia and added a new major contract in the U.S.,” Intralot’s chief executive Constantinos Antonopoulos said in a statement.

He added: “From a financial stand point, the group posted in the second quarter a significant growth in operating cash-flow generation and a decrease of its net debt. Furthermore, the refinancing of our syndicated loan extended the group’s debt maturities as we have no refinancing issues for at least the next three years, confirming the banking sector’s trust and support towards our strategy and business outlook.”

Last month, the company signed an extension of its agreement with Magnum Corp Sdn Bhd, a gaming company in Malaysia, for a further seven years with an option of extending it for another two years. The agreement concerns the procurement, installation and support of an advanced, integrated lottery system to support up to 2,450 gaming terminals, among other items. The commercial operation is estimated to start in mid-2015.

Intralot is present in 57 jurisdictions and has more than 5.500 employees.