Codere reduces its net profit to 74.5% during the second quarter 2007

Sources of the company explained that this fall had to do with “a specific and particular issue of the second quarter, because the increment of both Ebitda and turnover show the positive performance of the company”.

The group collection achieved 221 million euros between April and June, which means a 23.8% increment compared to the second quarter of 2006, while Ebida was 51.7 million euros, a rise of 23.1%.

The company commented that operational improvements occured in the business of gaming terminals in Spain and Argentina, as well as in the increment of terminals and the benefit per terminal, and a positive business performance in Mexico.

In Spain, the recreational machine collection grew a 11.4% and reached 51.9 million euros, due to the increment of the number of machines installed and the net collection per day. There was a 41% increment on Ebida, of 18.9 million euros.

In Argentina, collection increased a 29%, to 72 million euros, due to the increment of bingo places and an improvement on net collection per terminal installed in the bingo halls. Ebitda grew a 21.6%, up to 23.6 million euros. Besides, in Mexico, collection increased a 74.1%, up to 29.6 million euros in the second quarter, and Ebitda grew a 2.8%, up to 11.1 million euros.

“With these results, Codere enters the second half 2007 with the strong aim to continue with a solid a stable growth, that allows the company to face future challenges”, said the group. The Spanish multinational intends to quote in the market before the ending of 2007, and the operations was approved by its shareholders last June 15th.

Brothers José Antonio, Luis Javier and Encarnación Martínez Sampedro control a 84.5% of Codere, other members of the family have a share of 7.3%, and the remaining 8.2% belongs to minority shareholders.