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Positive financial results for Codere

Codere SA, a Spanish Gaming firm has released its financial results for the first 3 months of 2011 showing a successful 21% rise to €305.9 million in operating revenues ofcourse with the aid of its business in Latin America and Italy.

Codere which is the firm behind the operator Codere Interactiva and Codere.it domain revealed that its results before the deductions of taxes and interests and stuff alike were €67.4 million, an increase of 23.9% over the same time last year.

Codere also saw a huge increase in Argentina and Italy to hit €134.7 million and €46.8 million accordingly, a rise of 30.8% over last year in Argentina and a rise of 41.8% in Italy. Although the figures in Mexico weren’t as big, they’re still better than last year’s when they hit €51 million in operating revenues, a rise of 3.4% over last year. Spain however was a different story as they had a 12.8 decrease to €43.6 million.

Codere stated that “As a result of the foregoing, net income decreased by €16.7 million to a loss of €300,000 for the first quarter of 2011 from a gain of €16.4 million in the first quarter of 2010 principally attributable to the €3.1 million non-recurring exchange loss and the absence in the first quarter of 2010 of a €12.1 million non-recurring gain recorded in the first quarter of 2010 associated with consolidation of the sportsbetting business.”

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