Fortuna Entertainment Quarterly Profit Falls on Lottery Costs
Fortuna Entertainment Group NV (FORTUNA), the Czech betting company that sold shares last year, said its third-quarter profit fell on costs linked with the start of a lottery business in the Czech Republic.
Ebitda, or earnings before interest, tax and depreciation, for the three months ended Sept. 30 was 2.31 million euros ($3.15 million), compared with 5.56 million euros a year ago, the Amsterdam-registered company said in a statement on its website. Amounts staked rose 10 percent to 92.64 million euros.
The decline in earnings was “fully anticipated” and primarily came from lottery start-up costs and a new marketing campaign, Fortuna said. The company is anticipating the consent of Polish authorities and is ready to start online betting there immediately, it said.
Fortuna, which listed in Prague and Warsaw after selling a minority stake in an initial public offering in October, started lottery operations in the Czech Republic in July. The company plans to have 2,000 terminals for Loto by the end of the year.
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