Profit and revenues down in OPAP’s first half

Greece’s largely state-owned land and online gambling group, OPAP offered little cheer for investors in its first half 2012 results posted this week, reporting declines in revenue, net profit and EBITDA.

Revenues declined 6.2 percent to Euro 2,054 million, net profit slipped 5.7 percent to Euro 258 million and EBITDA dipped 6.4 percent to Euro 346.1 million.

Second quarter profits helped paint a better picture, with profits up 18 percent to Euro 126.1 million despite falling revenues which dipped 7.5 percent to Euro 989.6 million. Second quarter EBITDA was also up 4.1 percent at Euro 160.2 million as lower taxes and reduced operating expenses took hold.

Management reported moves toward a joint online gambling venture with GTechG2.

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