Fortuna: Zisk pod odhady kvůli vyšším nákladům

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Fortuna Entertainmnent Group has published earnings results for the first six months of this year. The amount staked rose by 10% to EUR 229m, slightly less than we had projected. Gross win rose by 15% y/y to EUR 55.1m. However, EBITDA slumped by 15% y/y to EUR 10.1m due to a negative contribution of the lottery (EUR -3m). Compared to our projection (EUR 11.7m) EBITDA is lower due to higher operating costs. Net profit plummeted by 35% to EUR 5.6m, not just due to lower EBITDA but also due to higher financial costs, slightly higher depreciation charges and especially higher tax payments after the introduction of income tax on gaming companies in the Czech Republic at the beginning of this year.

Overall, we consider the results negative. The trend in revenues is more or less as expected; however, the lottery and the higher cost are disappointing. No other major information was released. A conference call is held today at 3 pm CET.

Source: J&T Banka, Thomson Reuters