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Fortuna Drops From Six-Month High as Profit Misses Estimates

March 1 (Bloomberg) -- Fortuna Entertainment Group NV fell the most in two months, retreating from a six-month high, after the Czech bookmaker’s 2011 net income shrank more than expected.

The stock dropped 3 percent to 100.1 koruna by 10:20 a.m. in Prague, making it the worst performer today in the 14-member PX index, which rose 0.1 percent. Fortuna gained 5.3 percent in the previous three sessions to the highest since Sept. 1.

Full-year profit declined 23 percent to 13.3 million euros ($17.8 million) as investment in the start-up of a new lottery amounted to as much as 7 million euros, the Prague-based company incorporated in Amsterdam said today.

“The net profit was about 5 percent below the consensus estimate as losses from the lottery launch and the related cost growth was larger than expected,” Tomas Sykora, an analyst at Prague-based brokerage Patria Finance AS, wrote in a report to clients. “We regard the earnings as slightly negative.”

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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