Casino developer and operator Queenco Leisure International Ltd. (QLI) (AIM:QLI) today published its financial report for the second quarter and first half of 2007, it first results as a public company. The company raised a net €53 million in its IPO in July.
QLI posted a net profit of €5.3 million, up 51% on the corresponding quarter of 2006, while revenue rose 16% to €31.7 million. Operating profit rose 11.7% to €9.3 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.6% to €26.9 million.
The company posted €93.1 million gross revenue for the first half, up 15.2% on the €80.8 million posted for the first half of last year, while net revenue rose 14.7% to €64.2 million for the first half from €56 million. Gross gaming revenues rose 14.6% to €90.1 million for the first half from €78.6 million for the corresponding period. Net profit rose 33.8% to €13.7 million for the first half from €10.3 million for the corresponding period.
QLI CEO Dror Mizeretz said, “2007 has been an exciting year for the company so far, with our successful IPO on the London Stock Exchange, expansion into new markets and consolidation of our existing casino operations in Greece and Romania. We aim to continue growing through our development of new projects, such as the recent opening of Casino Beograd on 30 June, and plan to open our nightclub and gaming hall operation in Prague in the beginning of 2008."
QLI is a subsidiary of Queenco Ltd. (TASE: QNCO) and Shahar Hamillennium (1991) Ltd. (TASE: SHML). The company’s flagship casino is the Club Hotel Casino Loutraki in Greece, which accounts for 70% of its gross revenue. The company also owns the Casino Palace in Bucharest.
QLI is developing a nightclub and casino in Prague, which is due to open during the first quarter of 2008. The company also won a municipality tender to redevelop a historic building in the Romanian port city of Constanta, which will be converted into a casino The company has bought two properties in Bulgaria, one in the capital, Sofia, and the other in Varna, which it plans to convert into a casino and slot machine hall, respectively. Finally, the company is planning a casino in the Cambodian seaside town of Sihanoukville, in order to attract clientele from Vietnam and Thailand, neither of which permit gambling.
Published by Globes [online], Israel business news - www.globes.co.il - on August 28, 2007
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