Industry News

Revenues drop for Codere during third quarter

Published

6 years ago

November 14, 2018

Niji Narayan

Revenues drop for Codere during third quarter

Photo Source: elpais.com

Reading Time: < 1 minute

Codere, the Spain based gambling company, has suffered a dip in revenue in its recently released financial results for the third quarter.

The companies’ income dipped by 8.2 per cent to touch €1.1bn. The reason for fall is the decreased revenues from Argentina because of the devaluation of the Argentine peso against the euro. Inflation in the South American country reached more than 100 per cent. The revenues from Spain and Italy, however, were improved.

Adjusted EBITDA for the nine months rose slightly to €203.6m.

The company said that its European activities had helped, contributing €404.4m to the turnover, mainly in sports betting online and retail in Spain. The net result in the third quarter showed a net loss of €55m.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.