International edition
September 21, 2020

The firm rose net profit of 3.1 million euros in the first 9 month of this year

2009 was a positive year for Codere

(Spain).- The Spanish group Codere will close 2009 with a positive net benefit, said last week in an interview with Reuters its financial director, David Elizaga. "It will be a positive result (refering to net profit of 2009)," said Elizaga.

C

odere rose net profit of 3.1 million in the first 9 month of this year. The 2008 year closed with a loss of 10.6 million euros. The group hopes that 2010 will be better than 2009 year.

"In 2010 we will give guidance, I can say that 2010 is to be a year of growth," said CFO unspecifying figures. The financial responsable of the group, which in November projected a gross operating profit (EBITDA) of around 50 million euros for the fourth quarter of 2009, hopes that the group meets or excees this forecast.

"We have met or exceeded expectations in each quarter of current year. The fourth quarter won’t to be an exception," he said. Codere, which at September, 30th had a net financial debt of 669.1 millions Euro and a debt level of 3.1 EBITDA times, expects to close 2009 at similar level.

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