Tatts Releases 2011 Fiscal Results

Australian betting group Tatts has released its 2011 fiscal results, highlighting a 16% jump in net profits which totaled A$319.1 million for the year.

The jump in profits is being mainly attributed to the company's growing lottery business (which was up 15.8% to A$202.6 million) and wagering (which jumped to A$136.3 million. Revenues for the year topped A$650.2 million.

Tatt's will see a drop off this coming year however, with the cessation of its pokies business taking place during the 2012/2013 year. The company had its pokies license stripped by officials in Victoria in 2008 and is currently in court against the province.

A company statement regarding the dropping of pokies said: "Importantly, Tatts Pokies will exit the company with a small contribution and not drag on profits generated elsewhere as a result of redundancy costs."

Industry analysts predict that the company could earn A$590 million next year with profits in the A$210 million range.

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