Codere posts 5.4 pct revenue drop during 1Q

Codere underperformed during the first quarter.
Codere underperformed during the first quarter.

The Spanish multinational posted revenue of €382 million during the first quarter, 5.4 per cent lower year-on-year.

Spain.- Spanish gaming operator Codere posted a poor performance during the first quarter of 2018 as it saw its revenue drop 5.4 per cent from €404 million to €382. Furthermore, its operating profit decreased €7.9 million to €27.8 million while its profit margin also went down from 8.8 per cent to 7.3 per cent this year.

Codere was expected to post revenue growth of 11.2 per cent in constant currency terms but was affected by local currencies’ depreciation. In addition, despite being its largest revenue source at €122.5 million, Codere’s Argentinian operations dropped 19.4 per cent and drove the figures down.

Codere’s net income totalling just €801,000 for the period compared to €2.7 million the first quarter of 2017, while adjusted EBITDA also decreased by €201,000 to €67.8 million due to currency value fluctuations.

Still, European operations for the company posted revenue increases of 11.7 per cent collectively, from €122.1 million to €136.5 million. The increase was led by Spain’s 17.3 per cent improvement to €51.24 million.

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Codere finance Spain