OPAP experiences “double faced quarter” as GGR down 17%
Greek operator OPAP generated revenue of €328.3m ($374m) for the first quarter of 2020, a drop of 17% year-on-year.
The operator attributed this decline to COVID-19-related closures of its retail estate from 14 March. Until 13 March, revenue had increased 2% in comparison with 2019.
Gross profit from gaming operations was down 21% at €122.3m, while EBITDA was down 24% at €86.4m.
Despite a number of mitigating actions implemented from the beginning of the pandemic, net profit decreased by 38% at €35.5m and operating expenses were €57.7m, a rise of 7%.
At the end of Q1, OPAP’s net debt stood at €555.6m.
The operator restarted operations in its OPAP stores and in Hellenic Lotteries’ street vendors on 11 May.
Jan Karas, OPAP CEO, 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.
“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.”
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