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Greek state lottery OPAP reports 20% profit surge in 2008

Revenues up by 9% to €5.5 billion and net profits up 19.6% to reach €728.5 million were highlights of the 2008 financial report released by the Greek gambling monopoly OPAP this week. Earnings before taxation increased by 22.9% to €1.056 billion.

Revenues in the last quarter of OPAP's 2008 fiscal year were up by 1.4% to €1.542 billion (2007 FY:€1.521 billion) but fourth quarter net profits decreased by 7.2% to €178.9 million (2007: €192.8 million).

Christos Hadjiemmanuil, Chairman and CEO, said: “Although we operated in a challenging and difficult economic environment in 2008, we managed to deliver impressive improvement in our business results.”

“Furthermore, we are particularly pleased with the significant progress achieved from our main priorities; rejuvenation of our games portfolio, progress in the revamping of our agent network and our internal reorganisation.

“For 2009, despite the deteriorating economic conditions, we will focus on maintaining our strong profitability at high levels and support initiatives to expand outside our core concession.”

Source: InfoPowa News

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