OPAP PROFITS DROP 3.3 PERCENT

Posted 3/22/11 : Revenues fall 5.5 percent
 
The Greek gambling monopoly OPAP has posted a mediocre 2010 set of results, reporting that net profits dropped 3.5 percent when compared to 2009, and revenues declined 5.5 percent.
 
Despite the declines, the company still produced net profits of Euro 575.8 million on revenues of Euro 5.14 billion for its shareholders, with management reporting cost cuts of 20.7 percent compared to 2009.
 
Chief executive Ioannis Spanoudakis said: “We are satisfied with the performance of our company in 2010. We managed to sustain high levels of profitability despite the adverse macroeconomic conditions and the increased competition. We set targets to increase efficiencies and productivity in 2010 and exceeded them by a high margin.
 
“Given our strong financial position, we remain optimistic for 2011 in view of the imminent reform and regulation of the Greek gaming market, the expansion of our product range with the new forms of gaming such as monitor games and live betting and the enhancement of our distribution channels taking advantage of new technologies and equipment."
 
Spanoudakis said the company's strategy remained focused on growth.