OPAP’s Q4 net earnings exceed market expectations

Listed gaming company OPAP announced yesterday that its net profits dropped 18.5 percent in 2009 year-on-year to 594 million euros, while fourth-quarter net profits beat expectations, reaching 92.1 million euros. The fourth-quarter figure was almost half the net profits in the same period in 2008 but this was due to the one-off levy on corporations that the government has imposed. Sales for the whole of 2009 posted a 1.4 percent annual drop. OPAP CEO Yiannis Spanoudakis expressed his satisfaction with the 2009 data «given the adverse financial environment.»