Codere Announces Financial Results for Q1 2019

Codere, the leading Spanish multinational company in the private gaming sector, has announced its results for the first quarter of 2019. The company has maintained its profitability through its performance in countries such as Mexico and Spain.

The company has obtained an operating income of 357.7 million euros, 6.7% less than in the same period of the previous year due to the depreciation of the peso against the euro in Argentina. This was compensated through the positive evolution in Mexico (+7.1 million euros), online activity (+6.1 million euros) and Spain (+3.7 million euros).

“The data reflects, once again, the impact of the operational and efficiency improvements implemented, and the strength of the company in a severe environment in terms of tax increases, especially in Argentina and Italy, and the devaluation of Latin American currencies,” Vicente Di Loreto, the general director of Codere said.

Codere has thus achieved a gross operating profit (adjusted EBITDA) of 68 million euros with an increase of 1.3 points in the margin, which reaches 19%. Operations cost decreased by 7.3% to 271.8 million euros as a result of the reduction of costs in Argentina, due to the devaluation of its currency.