Revenue up at Snaitech despite profit decline

Italian gambling firm Snaitech has posted a year-on-year increase in revenue for the three months to March 31, 2017, despite suffering losses across other key financial metrics.

Revenue amounted to €227.4 million ($254.5 million) in the first quarter, up 3.3% on the €220.2 million recorded in the corresponding period last year.

However, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 26.9% year-on-year to €28.3 million, while adjusted EBITDA was also down 26.7% to €29.7 million.

Snaitech also reported a 28.9% decline in earnings before interest and tax to €14.2 million, while profit before taxes fell 23.4% to €4.6 million.
 
In a statement, Snaitech said: “Total group revenues rose by 3.3% to €227.4 million in the first quarter of 2017, compared to €220.2 million of the same period last year.

“Such increase was mainly due to the lower payout of AWP and the positive performance of online business, partially offset by the higher payout of the sports betting.

“Profit before taxes in Q1 2017 settled at €4.6 million with a negative difference of €1.4 million compared to Q1 2016, due to lower operational margin partially offset by a lower level of amortisations and depreciations and lower interest expenses, resulting from the bond refinancing occurred last November 2016.”

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