February 15, 2017 / 10:12 PM / a year ago

Australia's Tatts Group 1H profit falls 16.5 pct as revenue declines

SYDNEY, Feb 16 (Reuters) - Australian lottery operator Tatts Group Ltd on Thursday posted a 16.5 percent fall in half-year profit as revenue fell in its lotteries and wagering businesses.

Tatts, which in October agreed to a takeover offer from betting group Tabcorp Holdings Ltd now valued at A$5.7 billion ($4.39 billion), reported a net profit of A$122.8 million for the six months ended Dec. 31, down from A$147 million a year earlier.

The Tatts result was slightly lower than Citi’s estimate of a A$125 million half-year profit before the results were released. ($1 = 1.2972 Australian dollars) (Reporting by Jamie Freed; Editing by Chris Reese)

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