TabCorp Reports Increase in Profit
TabCorp Holdings Limited, an Australian casino gambling and entertainment group has launched a trading update addressing its overall performance for the first quarter of its 2013 economic year and revealing that it obtained a 2.9 percent year-on-year increase in total income from ongoing operations to AUD$488.9 million ($505.9 million).
TabCorp Gaming Solutions gaming services company went live on August 16 in reply to modified gambling industry structures in the southern state of Victoria and brought AUD$13.1 million ($13.5 million) in earnings over the three-month period.
Furthermore, its stopped Victorian Tabaret business brought in AUD$130.2 million ($134.7 million) in earnings over the first quarter for its 2013 financial year although TabCorp mentioned that a comparison ‘is not meaningful’ because the newest results cover only July 1 to August 15 when its Victorian licence expired.
TabCorp also revealed that its betting outcomes had been influenced by the latest terms of its Victorian Wagering and Betting Licence, which began from August 16 and discovered its share in the partnership decrease from 75 percent to 50 percent.
Nonetheless, overall betting profits increased by 4.5 percent year-on-year even if this figure dropped by 2.4 percent as compared to the equivalent period twelve months previous to AUD$384.6 million ($397.9 million) due to TabCorp’s interests in the Victorian racing industry.
Finally, TabCorp revealed that earnings from keno rose 17.7 percent year-on-year to AUD$53.9 million ($55.7 million) because of the game’s release in Victoria and ‘continued growth’ in New South Wales and Queensland while income from its media and international business increased by 6.2 percent as compared to a similar period twelve months ago to AUD$49.5 million ($51.2 million).
Chief Executive Officer for TabCorp, David Attenborough said “TabCorp has started its 2013 fiscal year well and the company’s strategies continue to deliver improved revenues,”
“Our investments in expansion initiatives such as TabCorp Gaming Solutions and the new Victorian keno business are contributing to company growth.”