Codere hit by Argentina and Mexico losses in H1

Spanish and Latin American focused gambling operator Codere has cited struggling markets in Argentina and Mexico as the main reason behind a drop in revenue during the six months through to June 30, 2014.

The operator posted revenue of €656.6 million ($862.7 million) during the first half, which represents a 15.2% decrease on the €774.5 million achieved in the corresponding period last year.

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 in H1 of 2013 to €91.6 million this year.

However, net income improved by 13.5 % from a loss of €74.7 million last year to a negative result of €64.6 million in the first half of this year, while operating profit also jumped from €5.9 million in H1 of 2013 to €22.2 million.

Based on its performance in the first half of 2014, Codere now forecasts that it will achieve full-year EBITDA of €190-210 million, which will fall some way short of the €287.3 million it posted in the previous year.

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