Codere business grew in Italy and Latin America

Madrid-based Codere is the firm behind operator Codere Interactiva and its Codere.it domain and revealed that earnings before interest, tax, depreciation and amortisation for the first three months of the year rose 23.9 % when compared to the same period in 2010 to 67.4 million euros, which was at high end of its guidance range.

Codere stated that operating revenues from its businesses in Argentina grew by 30.8 % year-on-year to reach 134.7 million euros while those for Italy increased an even greater 41.8 % when compared with the same period last year to hit 46.8 million euros. However, Mexico reported only a 3.4 % year-on-year rise in operating revenues to reach 51 million euros while Spain posted a 12.8 % decrease to 43.6 million euros.

“As a result of the foregoing, net income decreased by 16.7 million euros to a loss of 300,000 euros for the first quarter of 2011 from a gain of 16.4 million euros in the first quarter of 2010 principally attributable to the 3.1 million euros non-recurring exchange loss and the absence in the first quarter of 2010 of a 12.1 million euros non-recurring gain recorded in the first quarter of 2010 associated with consolidation of the sportsbetting business,” read a statement Codere.