Olympic of Estonia Third-Quarter Net Jumps on Higher Demand

Olympic Entertainment Group AS (OEG1T), the only publicly traded casino operator in eastern Europe, reported profit more than doubled in the third quarter, helped mainly by improving revenue in the Baltic countries.

Net income rose to 5.6 million euros ($7.7 million) from 2.2 million euros a year earlier, the Tallinn, Estonia-based company said in a regulatory statement today. Revenue rose 14 percent to 31.4 million euros.

Sales rose 30 percent in Latvia, 20 percent in Lithuania and 12 percent in Estonia. Sales in Poland declined seven percent, while revenue in Slovakia increased 25 percent.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.