OPAP, the leading gaming sector company in Greece and one of the most recognized in the industry in the world, recently reported revenues of € 328.3 million during the first quarter of 2020, a drop of 17% when compared to what happened in the previous year.
However, these data must be analyzed in two stages: before and after confinement, due to the Coronavirus crisis. According to OPAP data, until March 13, revenue had increased 2% compared to 2019.
With the closing of the retail stores, the gross profit of the gaming operations was down 21% (€ 122.3 million euros); while, the gross operating profit calculated before the deductibility of financial expenses was down 24% (€ 86.4 million euros). We will have to wait for the analysis after the reopening in its OPAP stores and in Hellenic Lotteries' street vendors from May 11.
In this regard, Jan Karas, CEO of OPAP, commented: "OPAP's Q1 2020 was a double faced quarter; on the one hand we managed to demonstrate sizeable growth stemming mostly from VLTs and betting up to March 13th, while from March 14th onwards our retail estate was closed down leading to a severe decline of the group's revenues. "
Thus, Karas wanted to highlight the solidity of the company and added: "Nonetheless, we reported an overall solid set of results by putting promptly into effect our business continuity plan, achieving material cost savings and enhancing liquidity."
It should be noted that, despite the number of actions implemented from the beginning of the pandemic, net profit decreased 38% (€ 35.5 million) and operating expenses increased 7%. (€ 57.7 million)
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