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Olympic Entertainment Gains Most in Five Months on Profit Rise

July 30 (Bloomberg) -- Olympic Entertainment Group AS, the only publicly traded casino operator in eastern Europe, rose the most in five months in Tallinn after reporting its profit rose in the second quarter.

The stock rose as much as 6.6 percent at the opening of trade, the biggest gain since Feb. 8, and was 3.7 percent higher at 1.41 euros at 11:27 a.m. in Tallinn. Olympic has gained 42 percent this year, compared with an average rise of 6 percent for its eastern European consumer services’ peers, according to data compiled by Bloomberg.

Olympic said today second-quarter net income rose to 5.2 million euros ($6.4 million) from 4.2 million euros a year earlier, helped by cost cuts and rising revenue.

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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