Serious drop in net profit reflected in year-to-date numbers
A small increase in revenues but a big dip in earnings before interest and tax (EBIT) recorded by Tipp24 in its nine months year-to-date numbers is unlikely to please investors.
In a statement released this week Management revealed that in the nine months to September 30 revenues barely increased at Euro 105.4 million (Euro 1.4.4 million last year) , but earnings before interest and tax plunged from Euro 26.2 million in the comparative period last year to just Euro 11.1 million in 2014 thus far.
Net profit dived from Euro 18.4 million last year to Euro 1.1 million in 2014.
The decline is attributed to increased personnel, financial, consulting, marketing and operational costs as the company tries to expand its business in wider fields.
CEO Dr, Hans Cornehl assured investors that the company was on-track to meet its revised forecast, and reported progress on the company's geographically based online lotto enterprise in Britain, GeoLotto, apparently undeterred by the lack of success the concept encountered in the past in Maritime Canada (see previous InfoPowa reports).
Online Casino News Courtesy of Infopowa