Tabcorp reports FY loss

tabcorp merger act

Credits: smh.com.au

The Australian giant that is still waiting for the merger approval reported a millionaire net loss for fiscal 2016-2017.

Australia.- Tabcorp reported during a regulatory filing a US$16.6 million net loss when compared to the net profit of US$135 million registered during the last fiscal year. Tabcorp is still waiting for the full approval to merge its businesses with Australian group Tatts.

Whilst the net loss number was lower than 2015-2016 fiscal year, revenue increased 2 percent to US$1.75 billion this period. Tabcorp said that the losses were due to an investigation in Cambodia, and the proposed merger with Tatts, among other issues. Tabcorp chairman Paula Dwyer said: “The 2017 financial year was a strategically important year for Tabcorp as we reshaped the business for growth. The Group made investments in acquiring Intecq, establishing Sun Bets, and progressing the combination with Tatts Group, which we expect to complete by the end of the year.”

Tabcorp and Tatts have been trying to merge for quite some time now, with several attempts to block the measure from Australian companies and the Australian Competition and Consumer Commission (ACCC), which decided to file the first appeal against the Australian Competition Tribunal’s decision to allow Tabcorp and Tatts to merge, because they believe three reviewable errors have been made.

Dwyer confirmed that Tabcorp is better positioned to go into 2018 than it was last fiscal year, as CalvinAyre reported. The Australian giant also said that its full focus is positioned on completing the merger with Tatts.