Q1-2012 results from Codere disappointing

Tuesday May 15, 2012 : INTERACTIVE DIVISION BOOSTS CODERE RESULTS
 
But Spanish gambling group still sustains a net loss
 
Q1-2012 results from the Spanish land and online gambling group Codere were disappointing for investors this week, showing a net loss over the quarter despite a rise of just over 17 percent in EBITDA to Euro 78.9 million.
 
Codere Interactiva and Codere.it contributed to the bottom line, delivering overall turnover up by 31.8 percent year-on-year to Euro 403.3 million and exceeding its operating profit forecast by reaching Euro 75 million due to strong growth in Latin America and Italy.
 
The group as a whole posted a net loss of Euro 11.3 million, which it attributed to increased taxation, rising financial costs and non-recurring expenses associated with business restructuring in Spain.
 
Towards the end of the first quarter, Codere reported a cash balance of Euro 186.4 million and a drawable credit line of Euro 60 million. The company employs some 20,000 people.