Groupe Partouche H1 net plunges 64.9 pct on tougher casino laws, sees poor H2 |
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Published
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Wed, 27 Jun 2007 18:10
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PARIS (Thomson Financial) - Casino operator Groupe Partouche said net profit plunged 64.9 pct in first half 2007 from a year earlier, hit by a challenging base period and as slot machine sales suffered from new French casino entry regulations.In a statement, the group warned that 'persistent gloom' wil also hit second-half operating earnings and announced it is studying the possibility of taking minority stakes in foreign groups.Net profit was 8.5 mnln eur, plummeting from 24.3 mln a year earlier and operating profit slid 39.5 pct to 33.1 mln.Societe Generale analysts had been expecting a sharp drop in profitability and said the market's anticipation has already caused a steep correction in Partouche shares, down 15 pct from Jan 1.But earnings were even lower than SG's forecast of a 47 pct drop in net profit to 13 mln eur and a 27 pct slide in operating profit to 40 mln.Gross gaming sales fell 5.9 pct in the period to 406.4 mln and consolidated sales dropped 3.4 pct at 248.6 mln.Partouche said the slide in revenues is 'largely' due to entry checks in force at casinos since November 2006.It noted that operating earnings in the six months to April 30 2006 had benefited from a 9.1 mln eur disposal gain.Partouche said in order to recover earnings it plans a slot-machine renewal programme introducing machines designed around new regulations, which will also be able to accept bank notes.It will also create poker rooms to attract new clients.tfn.paris@thomson.commrg/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Groupe Partouche Q2 sales drop 5 pct as slot machine revenues fall 