Greek lottery and sportsbetting firm OPAP has reportedly announced that its revenues for the six months to the end of June decreased by 34.8% year-on-year to approximately €507.9 million ($601.6 million) largely due to the impact of the coronavirus pandemic.

According to a report from G3Newswire, the Athens-headquartered operator revealed that its first-half lottery revenues dropped by 32% year-on-year to slightly over €257.5 million ($305 million) as its takings from sportsbetting plummeted by an even steeper 33.1% to hit about €128.4 million ($152.1 million).

Pervasive plunge:

G3Newswire reported that OPAP moreover chalked up six-month video lottery terminal revenues of roughly €88.4 million ($104.7 million), which equates to a decline of 36.8% year-on-year, as its earnings before interest, tax, depreciation and amortization fell by 49.1% to reach just beyond €102.5 million ($121.4 million). The source also detailed that the Greek firm finished June with operating expenses of €124.8 million ($147.7 million) and a net profit that was 77.7% lower at around €20.4 million ($24.1 million).

Exigent environment:

Jan Karas, Acting Chief Executive Officer for OPAP, reportedly told G3Newswire that the first half of this year had been an ‘extremely demanding’ period due to the ‘unprecedented challenges for both businesses and society’ triggered by the coronavirus pandemic. However, the boss purportedly pronounced that his firm has produced six-month financial results that ‘were once more sound’ owing to the ‘decisive and prompt actions’ it took in mitigating any downsides.

Reportedly read a statement from Karas…

“When it comes to the financials, the second quarter moved alongside our demanding expectations, leading to cash generation during even the harshest of times. Going forward, initiatives such as the constant enhancement of our online offering, prompt cost control actions, the swift adaptation to a new working norm and the ongoing support of our network and our social stakeholders remain at the forefront of our attention. Undoubtedly, there will be additional hurdles on the road to recovery but we are confident that we are well positioned to face any challenges.”