H2-2018 report shows revenues up but profits down due to merger costs with Tabcorp
The Tatts gambling group in Australia quietly issued its H2-2018 performance numbers last week, showing both statutory and standard net profit after tax numbers down despite positive revenue figures.
Management attributed the profit drops to strong jackpot pay-outs in its lottery division, and to costs associated with the the merger with Tabcorp.
Highlights from the second half included:
* Overall revenues up 4.2 percent year-on-year at A$1.48 billion;
* Lottery division revenues up 6.2 percent at A$1.08 billion;
* Net profit after tax down 2.9 percent at A$127.8 million;
* Statutory net profit after tax down 16.6 percent at A$102.3 million;
* Tabcorp merger costs of A$36.4 million were incurred (A$25.5 million after tax);
* A$5 million on expenses related to the anti-Lottoland campaign.
