Olympic 1st-Quarter Net Jumps as Asset Sale Loss Isn’t Repeated

Olympic Entertainment Group AS (OEG1T), the only publicly traded casino operator in eastern Europe, reported higher profit in the first quarter as a loss from selling its Romanian subsidiaries a year earlier wasn’t repeated.

Net income rose to 5.1 million euros ($6.8 million) from 0.2 million euros a year earlier, the Tallinn, Estonia-based company said in a regulatory statement today. Revenue rose 3 percent to 32 million euros. The net loss from selling its unprofitable Romanian subsidiaries to an Israeli entrepreneur in the first quarter of 2011 was 3.1 million euros, the company said.

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

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