Greek gambling company OPAP has revealed that despite having to contend with “unprecedented” conditions in a “tough” domestic environment during the three months through to September 30, it was able to post year-on-year growth across all metrics on a year-to-date basis.
Gross gaming revenue for the third quarter amounted to €300.9 million ($319.1 million), a decrease of 12.9% from the €345.6 million posted in the same period last year.
Wagers in the quarter decreased by 15.7% to €900.8 million, although payout dropped slightly from 67.7% last year to 66.6%.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.6% year-on-year to €87.1 million, while net profit also dropped by 8.5% to €49.1 million.
Earnings per share in the quarter came in at €0.1540, down 8.4% from the same period last year.
Despite having recorded losses in the third quarter, OPAP revealed that its year-to-date results represent widespread growth across all metrics.
Gross gaming revenue in the nine months through to the end of September came in at €998 million, up 3.8% on the amount posted at the same point last year, while wagers were up 2.7% to €3.1 billion.
Payout remained relatively level at 67.4%, with EBITDA jumping 14.4% year-on-year to €273.5 million and net profit also increased 33.7% to €159.1 million.
Earnings per share in the year-to-date increased 33.7% to €0.4987.
Kamil Ziegler, chairman and chief executive of OPAP, said: “Q3 2015 was marked by unprecedented conditions in a tough domestic macro-economic environment.
“Consumer spending in July 2015 stood on the edge of the fiscal cliff, while our efforts towards securing our business, together with gradual sentiment normalisation led to a recovery in the remaining part of the quarter.
“Overall, we were able to contain the drop to single digit on an EBITDA level, while OPAP still managed to grow in all metrics on a year-to-date basis.
“Going forward, the macro-environment remains fragile, while abrupt and ineffective interventions in several fields of our operating framework will lead our company to face considerable challenges.
“We therefore remain absolutely focused on defending and exploiting our established rights on every possible front.”
