Opap Says First-Quarter Profit Fell to 131.9 Million Euros

Opap SA (OPAP), Europe’s biggest listed gambling company, said profit in the first quarter fell 21 percent on higher net-interest expenses and lower sales.

Net income dropped to 131.9 million euros ($167.6 million) from 166.9 million euros in the first three months of the previous year, according to an Athens bourse filing today. The company reported net interest expenses of 6.9 million euros and net interest income of 5.8 million euros.

“The economic conditions will remain very challenging” throughout 2012, Chief Executive Officer Ioannis Spanoudakis said.

Sales declined 5 percent to 1.07 billion euros, while earnings before interest, taxes, depreciation and amortization fell to 184.4 million euros from 214.2 million euros.

Revenue for fixed-odds sports betting game Pame Stihima declined 7.7 percent to 397.1 million euros and dropped 6.7 percent to 542.6 million euros for Kino.

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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