A loss of AU$33.377m (US$27.886m) was reported by slot machine maker Aristocrat Leisure for the first half of the year to June 30.
At a news conference in Sydney this morning, chief executive Jamie Odell said that it may take five years to turn the company around after the disappointing result. The loss in the first half compares with a profit of AU$70.395m in the same period last year.
Odell promised a “programme of transformational change” which would reduce earnings volatility and focus on key markets. He said that this translated into a focus on the major markets of North America, Japan and Australia with the immediate aim of doubling its share of the North American market in five years.
The company is also pulling out of 30 markets, which the management regards as ‘low margin’, but instead will concentrate more on what it sees as countries with potential. These would include Spain, France, Macau and South Africa. Odell also saw potential in Class III games in Mexico.
Revenue was down 5.3 per cent at AU$441.686m and earnings before interest and tax dropped 112.7 per cent to a loss of AU$13.003m. Profit after tax was down by 38.1 per cent.
