Intralot reports 31.5% decline in Q1 profit

There was bad news for Intralot investors this week as the world's second-largest lottery systems provider reported a 31.5% drop in first-quarter 2010 net profit. The Reuters news agency reported that the dip was attributable to a less lucrative than expected Turkish contract and the worsening economic situation in South Eastern Europe.

Intralot net profit fell to €15 million, as sales fell 11% to €228 million, below market expectations, with a robust performance in Italy and new contracts in the United States more than offset by lower gambling spending in the Balkans due to the economic downturn.

Intralot offers gaming platforms and operates sports betting and video lotto machines to online casinos and poker in a number of countries around the world.

Source: InfoPowa News