Groupe Partouche showed a drop in activity and disposal of assets

The fourth quarter ended on a net loss of 13.5 %, the consolidated turnover going from 133.5 million one year ago to 115.5 this year.

The group plans to dispose of its assets. ”The drop in activity attributable on one hand to the smoking ban which came into force on 1 January 2008, and to the economic context on the other hand, increased even more during the fourth quarter of the financial year 2008. The turnover achieved in France is particularly affected in all the business sectors” Groupe Partouche pointed out.

The GGR for the financial year 2007/2008 was 787.9 million, against 854.8 million one year earlier, representing a 7.8% drop. “During the fourth quarter, the GGR represented 192.4 million euros against 230.6 million euros in 2007 (-16.6%), in line with the fall (- 14.5%) recorded in the third quarter, it was specified in the press release.

This strong decline in activity as well as its impact on the group’s profitability has led Groupe Partouche to take steps to reduce the operational costs and dispose of its assets. This last measure should enable them to reduce the debt, which is considered a priority today; it would come with a partial refund presently under consideration”.