Codere reveals revenue, profit growth in Q3

Codere has announced a year-on-year increase in operating revenue and profit for the third quarter.

Operating revenue came in at €401.1m ($469.9m), which is 2.7% more than the €390.2m posted in the corresponding three-month period last year.

Codere also saw operating profit increase by 4.4% year-on-year to €40.7m, while net income jumped 88.8% from €4.6m to €8.7m.

Although adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 4.2% from €69.3m to €68.4m, this figure was higher than the forecast amount of between €64m and €67m.

As a result of the mainly positive performance in Q3, for the year-to-date, to the end of the quarter, operating revenue amounted to €1.22bn, up 5.7% on €1.15bn posted at the same point last year.

Operating profit also jumped from €37.8m to €105.2m in the nine-month period, while net income greatly improved from a loss of €1.13bn to a positive figure of €8.3m.

In addition, adjusted EBITDA fell just 0.9% to €200m, compared to €201.8m last year.

In a statement, Codere said: “Q3 2017 operating revenue increased by 2.8% to €401.1m, compared to Q3 2016, mainly driven by strong performance in Spain, Uruguay and Mexico, partially offset by weak revenue growth in Argentina and Italy, as well as revenue decreases in Panama and Colombia.

“In Argentina, despite revenues in local currency growing 23.7%, in line with inflation, the significant depreciation of the peso resulted in flat growth in Euro terms.

“In constant currency terms, group revenues for the quarter would have grown by 11.5% versus Q3 2016.”

Related article: Codere hails Argentina, Mexico growth as revenue rises in H1