Paf reveals profit decline despite record revenue in 2016
Åland-based gambling company Paf has said that despite posting record revenue in 2016, it suffered a decline in profit.
Revenue for the full year came in at €113.5 million ($123.3 million), up from the €110 million recorded in the previous 12-month period.
However, the company was hit by a year-on-year drop in profit, which fell by €7.5 million from €22.7 million in 2015 to €15.2 million last year.
Gross gaming revenue from online operations jumped 7% year-on-year to €81.9 million, but physical gaming operations revenue on land and aboard ships fell 7% to €31.5 million.
As a result of its performance, the regional government of Åland has proposed that €20 million in Paf funds should be distributed to good causes across the Åland Islands.
Christer Fahlstedt, chief executive of Paf, said: “We have been able to keep the momentum and deliver a relatively strong result, considering the circumstances.
“Aside from a few non-recurring items, the operative result of 2016 is in line with the strong trend of the previous year.
“Paf’s product has gained competitive edge during the year, and we have many exciting innovations and new functions in the pipeline for 2017.
“In addition, we are implementing some organisational changes to gradually create optimal conditions for moving forward even faster as an organisation and as a company.”
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