Codere posts quarterly loss despite earnings rise

Madrid-based Codere is the firm behind operator Codere Interactiva and the Codere.it domain and revealed that its overall turnover increased 31.8 percent year-on-year to 403.3 million euros while stating that the improvement in operating profit exceeded its own forecasts of between 72 million euros to 75 million euros due to ‘the strong growth in Latin America and Italy’ and ‘partially mitigated by the weakness of Spain and the appreciation of the euro against other currencies’.

Despite this, Codere, which employs more than 20,000 people around the world, posted an overall net loss for the three-month period of 11.3 million euros due to increases in tax, financial costs and non-recurring expenses including expenses associated with the business restructuring process in Spain.

“In the first quarter of 2012, the portfolio of activities of Codere was made up of 55,172 gaming terminals, 186 gaming halls, 898 betting establishments, three race tracks and online gaming in Italy,” read a statement from Codere.

“The investments in the first quarter of 2012 have been 193.6 million euros of which 19.1 million euros pertains to maintenance and 174.5 million euros to growth, the latter mostly related to the purchase of a 35.8 percent shareholding in ICELA. Towards the end of the first quarter of 2012, Codere had a cash balance of 186.4 million euros and a drawable credit line of 60 million euros.”