Opap Fourth-Quarter Profit Falls 21% as Kino Sales Decline

Opap SA (OPAP), Europe’s biggest listed gambling company, said fourth-quarter profit fell 21 percent, hurt by lower sales of its biggest numbers game, Kino.

Net income dropped to 128.3 million euros ($169 million) from 162.7 million euros a year earlier, according to an Athens bourse filing today. Full-year profit declined 6.7 percent to 537.5 million euros.

Fourth-quarter revenue fell 7.9 percent to 1.16 billion euros, according to the filing. Sales for fixed-odds sports betting game Pame Stihima declined 15 percent to 421.9 million euros and dropped 8.2 percent to 599.4 million euros for Kino.

Earnings before interest, tax, depreciation and amortization dropped 14 percent to 185 million euros, hurt by a one-time cost to buy new licenses. Opap extended its monopoly on sports betting in Greece to 2030, introduced new games, cut costs and acquired a license for video lottery terminals, Chief Executive Officer Ioannis Spanoudakis said in the filing.

The company will pay a dividend of 72 euro cents a share.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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