March 1, 2012 / 7:26 AM / 6 years ago

Czech 2011 Fortuna profit down on start-up costs

PRAGUE, March 1 (Reuters) - Profits at Czech betting company Fortuna Entertainment Group fell 23.3 percent for 2011 mainly due to the cost of starting up its lottery business in the summer, it said on Thursday.

Fortuna reported a net profit of 13.3 million euros ($17.8 million). Analysts had expected an average 13.6 million euros.

The company said the lottery segment alone showed a net loss of 7.0 million euro.

In November, the company, which also operates on the Slovak, Polish and Hungarian markets, said it had spent 3 million euros in the third quarter of its total of more than 5 million euros investment in the lottery unit.

Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 20.4 percent to 20 million euros in the period, a little above analysts forecast for 19.7 million euros.

Gross wins for the company were up 9.7 percent at 101.8 million euros, above the 97.7 million euros predicted by analysts. ($1=0.7476 euros) (Reporting by Jana Mlcochova; Editing by Mike Nesbit)

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