In Mexico, sales increased 28.4 % in first nine months of 2011
New markets drive Codere’s growth
(Spain).- Despite seeing its domestic income fall, the Spanish Codere Group enjoyed a profitable first nine months of the year thanks to growth in Italy and Latin America.
2011-11-21
Reading time 29 seg
(Spain).- Despite seeing its domestic income fall, the Spanish Codere Group enjoyed a profitable first nine months of the year thanks to growth in Italy and Latin America.
Overall, the company recorded profit of 27m euro for the period, compared with 14.1m euro in 20120. Sales were up 21.3 per cent on the previous year, while EBITDA grew 21.4 per cent.
Although the weakening Spanish economy and smoking ban hit Codere’s earnings at home, the installation of new terminals in gaming halls and the launch of VLTs saw its EBITDA from the Italian market increase from 8.3m euro in 2010 to 29m euro at the end of September.
It was a similar story in Argentina and Mexico, where sales increased 19.7 per cent and 28.4 per cent, respectively.
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