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Fortuna Entertainment Says Profit Declines on Lottery Costs

Nov. 3 (Bloomberg) -- Fortuna Entertainment Group NV, a Czech betting company that sold shares last year, said its third-quarter profit fell on costs linked to the start-up of a lottery business in the Czech Republic.

Earnings before interest, tax, depreciation and amortization, or Ebitda, for the three months ended Sept. 30 declined to 2.3 million euros ($3.2 million) from 5.6 million euros for the same period a year earlier, the Amsterdam-registered company said in a statement on its website. Amounts staked rose 10 percent to 92.64 million euros.

Fortuna expects to meet analysts’ forecasts for full-year net income of 14 million euros and ebitda of 20 million euros, Chief Financial Officer Michal Veprek told reporters in Prague today. The decline in third-quarter earnings was “fully anticipated” and primarily came from lottery start-up costs and a marketing campaign, Veprek 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.

The company expects to get regulatory consent to offer online betting in Poland and is ready to start operations there in January, Veprek said.

Fortuna fell 1.7 koruna, or 1.7 percent, to 96.3 koruna as of 11:28 a.m. in Prague.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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