Condition to remain difficult, company said
OPAP reports 2nd-quarter losses on Greece austerity tax
Europe's third-largest betting firm posted this week a 36.4% drop in second-quarter net profit, hurt by a tax hike on its revenues which Greece has increased as part of additional austerity under its third international bailout.
2016-08-31
Reading time 47 seg
Europe's third-largest betting firm posted this week a 36.4% drop in second-quarter net profit, hurt by a tax hike on its revenues which Greece has increased as part of additional austerity under its third international bailout.
Greece retroactively increased taxation on gross gaming revenue that OPAP has generated since the start of the year by 5 percentage points, to 35 percent. The company included the full impact of the levy for the first six months of the year in the second quarter.
Increased competition from smaller online rivals and several waves of tax hikes which have dampened Greek people's appetite for gambling have also taken a toll on OPAP's profit in recent years.
““OPAP, which has been cutting costs to offset that, said conditions will remain difficult for the rest of the year. However, it said it will pay an interim dividend of 0.12 euros per share on six-month results
”
Net profit was 33 million euros ($36.78 million), down from 52 million euros last year. The figure was broadly in line with analysts' forecasts in a recent Reuters poll.
Gross gaming revenue were almost flat at 338 million euros, helped by the Euro 2016 soccer championship.
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