Greek betting firm OPAP misses forecast

By Angeliki Koutantou

Greek gambling monopoly OPAP posted on Monday a 72 percent drop in 2013 net profit, driven down by a new tax the country slapped on the firm to help it plug its budget shortfall.

Net profit fell to 141 million euros, missing an average analyst forecast of 152.7 million euros in a recent Reuters poll.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 67 percent to 221.7 million euros, below market expectations. The company’s guidance for EBITDA was 242 million euros.

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