BUSINESS

France Pari show optimistic first half financial results

TAGs: financial results, France Pari

france pariThe Board of Directors for online gaming operator France-Pari met earlier this week to approve the Company’s financial statements for the six months which ended 30 June 2011. France-Pari has reported betting stakes of €1.5m for the second quarter of 2011, generating gross gaming revenues of €230,000.

“We are very satisfied with the results reported in the first half of 2011, which we expect to be sustained over the full year.” said Jean-Paul Dumortier, the Company’s Chairman and Chief Executive Officer. “They validate our strategy of refocusing our portfolio on properties in Paris and the inner suburbs. The SAGI IE business acquired in late 2010 has now been fully integrated within our organisation and our latest programme, Mediacom 3, which is the first energy-positive office rental property in the Paris region, has been fully let since its date of delivery.”

Other highlights from the financial report include: Revenue for the period came to €25.4 million, up 62.9% from €15.6 million in first-half 2010. The consolidation of SAGI IE accounted for €8.6 million of the increase.

Additionally, Consolidated net profit amounted to €68.1 million, versus €9.5 million in first-half 2010 and Recurring operating profit rose by 69.9% in the first six months of 2011 to €20.9 million from €12.3 million in the prior-year period.

France-Pari reaffirms its objective of reporting more than €50 million in revenue in 2011 and the Company has said it aims to further reduce its financial vacancy rate and to sustain its satisfactory revenue and earnings performance through to the end of the year.

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