TAB NZ’s June results were slightly down on the overall positive trend of the 2021\/22 financial year.<\/p>\n\n\n\n\n\n\n\n
New Zealand.-\u00a0TAB NZ\u00a0has shared its financial results for June, reporting a turnover of NZ$197.3m (US$124.9m), 3.9 per cent under budget. Gross betting revenue (GBR) was NZ$31.6m, NZ$1m below budget.<\/p>\n\n\n\n
Profit for the month was NZ$11m, NZ1.7m below budget. On a year-to-date basis, total profit reached NZ$146.1m, NZ$3.4m below budget and NZ$17m below last year.<\/p>\n\n\n\n
The\u00a0top sporting event by turnover in June\u00a0<\/strong>was the Super Rugby Pacific final between the Crusaders and Blues at NZ$1.36m. Tennis accounted for 24 per cent of in-play turnover, while Rugby League accounted for 32 per cent of pre-match turnover.<\/p>\n\n\n\n The company stated that while retail and hospitality was able to operate without capacity restrictions<\/strong>, “softening economic conditions also played a factor as customers adjusted to the rising cost of living.”\u00a0<\/p>\n\n\n\n It added: “There has also been a drop in starter numbers and\/or across the three racing codes through April, May & June that has contributed to the variance in turnover.”<\/p>\n\n\n\n As for the future, TAB NZ said: “The Board will continue to factor in potential developments in\u00a0New Zealand\u2019s response to Covid-19\u00a0<\/strong>and the current global financial climate, as to how trading conditions are affected and how this may or may not affect profit distributions.”<\/p>\n","protected":false},"excerpt":{"rendered":" TAB NZ’s June results were slightly down on the overall positive trend of the 2021\/22 financial year.<\/p>\n","protected":false},"author":176,"featured_media":23932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"TAB NZ reported June financial results below budget, with turnover at NZ$197.3m and GBR at NZ$31.6m, contributing to a year-to-date profit of NZ$146.1m, which is NZ$17m below the prior year. The underperformance is attributed to softening economic conditions impacting consumer spending and a decline in racing starter numbers. The Board will continue to monitor global financial climate and COVID-19 developments for future profit distributions.","focusai_entities":"TAB NZ, Crusaders, Blues","focusai_location":"New Zealand","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact of Economic Headwinds","query":"How are TAB NZ's profit distribution forecasts being adjusted in light of the sustained \"softening economic conditions\" and rising cost of living, and what specific mitigation strategies are being considered to offset these macroeconomic pressures?"},{"label":"Racing Vertical Performance","query":"What specific initiatives are being implemented by TAB NZ to address the observed \"drop in starter numbers\" across the three racing codes, and what is the projected impact of these measures on future racing vertical GBR and overall turnover?"}],"footnotes":""},"categories":[16336,163],"tags":[23709],"class_list":["post-32286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-tab-nz"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32286"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32286\/revisions"}],"predecessor-version":[{"id":32291,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32286\/revisions\/32291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/23932"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}