Codere cites South American economies for first-half revenue fall
A drop in Argentinian revenue was attributed to the depreciation of the Peso currency, while Codere said that hall closures, weaker wins per day in the first quarter and the depreciation of the Mexican Peso led to the revenue fall in Mexico.
Elsewhere, earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 15.7% from 108.6 million euros in H1 of 2013 to 91.6 million euros this year. However, net income improved by 13.5 % from a loss of 74.7 million euros last year to a negative result of 64.6 million euros in the first half of this year, while operating profit also jumped from 5.9 million euros in H1 of 2013 to 22.2 million euros.
Based on its performance in the first half of 2014, Codere now forecasts that it will achieve full-year EBITDA of 190-210 million euros, which will fall some way short of the 287.3 million euros it posted in the previous year.
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