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Greek betting firm OPAP Q2 net drops on tax, recession
August 29, 2013 / 3:27 PM / 4 years ago

Greek betting firm OPAP Q2 net drops on tax, recession

ATHENS, Aug 29 (Reuters) - Greece’s betting monopoly OPAP posted on Thursday a 78 percent annual drop in second-quarter net profit, hurt by higher taxes and the country’s deepening recession.

Net profit fell to 28.4 million euros, broadly in line with analysts forecasts in a recent Reuters poll.

Sales dropped by 12 percent year-on-year to 875 million euros, slightly higher than analysts’ 863-million-euro average forecast.

Greece completed the sale of a majority stake in OPAP to Greek-Czech investment fund Emma Delta for 652 million euros earlier this month. It was the country’s first big privatisation under its bailout programme. (Reporting by Angeliki Koutantou)

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