Major Spanish-based gambling operator Codere has released its third quarter 2018 results.
They show that the operating income decreased by 8.2 per cent to €1.1bn, mainly through a fall in revenues from Argentina where there had been a sharp devaluation of the Argintine peso against the euro. Spain and Italy, however, were improved, said the company.
Adjusted EBITDA for the nine months reached €203.6m, up slightly on 2017. The company said that inflation in Argentina had reached more than 100 per cent in the last three years and, coupled with accounting changes, the results had been adversely affected. If a constant exchange rate had been applied then the group revenues would have grown by 10.4 per cent.
The company said that its European activities had helped, contributing €404.4m to the turnover, mainly in sports betting online and retail in Spain. The net result in the third quarter showed a net loss of €55m.
