Tatts profit falls despite record lotteries contribution

    Tatts reported its full-year net profit fell 0.3 percent despite record earnings from its lotteries business.
    The decline in net profit after tax to A$226.6 million ($210.7 million) came mainly because of a one-off tax benefit in the prior-year period. Stripping out that gain, like for like profit increased 7.3 percent.
    Overall revenues gained 2.8 percent to $2.86 billion.
    The company said EBITDA at its lotteries business gained 0.8 percent, despite a 4.3 percent drop in revenue and noted a continuing migration to online sales. About 9.4 percent of all lottery sales were online, compared with 8.2 percent in 2013.
    Total wagering revenues were down 2 percent, with 22.9 percent of sales online, up from 20.2 percent the prior year.
    CEO and managing director Robbie Cooke said 2015 had got off to a strong start, with wagering revenue up 4 percent, racing up 2.8 percent and sports up 17.8 percent, helped by the FIFA World Cup.