Codere hails Argentina, Mexico growth as revenue rises in H1

Codere has cited the impact of ongoing growth within the Argentine and Mexican markets as among the main reasons behind year-on-year growth across various key financial verticals in the first half of the year.

Operating revenue during the opening six months of the current year amounted to €814.5m ($974.7m), which represents an increase of 7.2% on the €759.9m posted in the corresponding period in 2016.

Operating profit improved from a loss of €1.2m in the first half of last year to a positive figure of €64.5m in the same period this year, while net loss improved significantly from €1.13bn to just €500,000.

Codere noted that the improvement in net loss was “driven by the accounting implications of the debt for equity swap, by which the financial restructuring ended”.

Elsewhere, Codere reported that earnings before interest, tax, depreciation and amortisation (EBITDA) hiked 42.5% year-on-year to €121m, although adjusted EBITDA dropped slightly to €131.5m.

The first-half results were boosted by an impressive performance by Codere in the second quarter, during which operating revenue climbed 6.6% year-on-year to €409.4m.

Operating profit in the second quarter also improved from a loss of €31.4m to a positive of €28.8m, and EBITDA increased to €57.1m, while adjusted EBITDA fell 3.3% to €63.5m.

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