Online sales some cheer for Tatts

 

Profits for Tatts Group Ltd. dropped 22.5 percent to A$247.3 million ($223.3 million) in the year to June 30 with the end of the company’s gambling machine operations in Victoria in 2013. Total revenues declined 20.1 percent to A$3.12 billion. Lotteries profits before tax and interest (EBIT) however rose 33 percent to A$269.5 million as revenues rose 13.6 percent to A$2.01 billion and wagering EBIT rose 25.4 percent to A$155.6 million on a 5.2 percent rise in revenue to A$655.7 million. Both of the company’s main business lines reported large growth in online sales, with lottery revenues online up 35.2 percent and online wagering up 21.5 percent. But with the loss of the Victoria machine business, the final dividend was cut to 7.5 cents a share from 12 cents.