Intralot narrows net loss by 22.5 percent in 16Q3

Gaming solutions provider Intralot has reported net loss of EUR 7.1 million (US$7.5 million) for the third quarter of 2016, compared to a loss of EUR 8.7 million a year ago.

According to a press release of its third quarter results on Thursday, the gaming supplier said revenues hit EUR 320.6 million, up 16.2 percent from a year ago.

EBITDA for the quarter was down 14.3 percent to EUR 35 million, compared to EUR 40.9 million in 15Q3.

Commenting on the results, Intralot group CEO Antonios Kerastaris said: “INTRALOT Q3 was marked by aggressive organic revenue growth, as a result of the company strategy for launching new products and services and reaping fruits of new projects.”

According to the chief executive, the successful early refinancing of a EUR 250 million bond in September led to cumulative savings of up to EUR 65 million, as well as the collection of US$68.7 million in cash from the disposal of 80 percent of its Peru operations “drastically improved [its] financial position and capacity to meet our targets of significantly reduced net debt and improved cash position by the end of 2016.”