Profit growth of 13.8 Million Euros

OLYMPIC Entertainment Group AS has reported a profit growth of 13.8 million Euros during 2011. It is the only publicly traded casino operator in Eastern Europe. A report in Bloomberg stated that the growth saw a significant increase from 1.1 million Euros in 2010. The company released the news in a statement to the Tallinn stock exchange. Revenue grew 13 percent to 127.3 million euros from the previous year.

The company’s results also found:

-In 2011 the consolidated net profit after corporate income tax for the Group totalled 13.8 million euros. In 2010, the Group incurred a net profit of 1.1 million euros.

– The efficiency of the Group’s business operations improved. In 2011, the Group’s income from gaming transactions and revenues totalled 122.4 million euros, i.e. 9.8% more than for 2010. The number of casinos in operation declined by 5 casinos or 7.6% period-over-period.

–  As planned, the Group has increased its market share. At the end of 2011, the Group’s market share was 54% in Estonia, 21% in Latvia and 71% in Lithuania. At the end of 2010, its market share was 53% in Estonia, 20% in Latvia and 68% in Lithuania.

–  In December the fourth Olympic Casino was opened in Slovakia in the most modern and biggest shopping mall in the city centre of Košice.