Jumbo profits fall on overseas growth

Internet lottery sale revenues for Jumbo Interactive Ltd. rose 3.5 percent to A$24.4 million in the year to June 30 from the previous year. Pre-tax profit for the business however fell 36.5 percent to A$6.35 million as the company incurred A$3.6 million in expenses to prepare lottery sales websites for Germany, Mexico and the US. The US site has now launched and the Australian-listed company aims to open the other two by year end. Sales through ozlotteries.com, Jumbo’s flagship Australian site, rose 38 percent from the previous year and the company said sales through smartphone and tablets now account for a third of its Australian revenues. Mike Veverka, chief executive, said the company aimed to expand to another 2-3 countries next year.