Entraction Group Sees Gloomy Year

Latest report on weak year to date and third quarter

A very troublesome year-to-date period for a Swedish online gambling group Entraction has ended with a rather weak third quarter, in which the company had to dismiss employees in order to save about SEK15 million. Another SEK10 million has been written off to customer loss and staff cuts.

The company’s January-September results:

* Net sales have decreased by 22.2 percent to SEK254.2 million (YTD 2009: SEK326.7 million)

* EBITDA have dropped by 62.1 percent at SEK 18.7 million (YTD 2009: SEK49.3 million)

* Operating profit down from SEK40 million in 2009 YTD to SEK8.6 million in 2010.

* PAT has declined to SEK 8.9 million (YTD2009: SEK60.5 million)

Even less encouraging Q3 figures include:

* A 22.1 percent drop in net sales to SEK77 million (Q3 2009:98.8 million)

* Another down in EBITDA to - SEK1.5 million (Q3 2009: SEK12.6 million)

*Operating loss amounts to SEK-5.1 million (Q3 2009:SEK12.6 million)

*SEK-5.4 million of loss after tax of (Q3 2009: 12.2 million)

According to the company CEO Peter Astrom, they are already working on measures that should stop the decline and put the company back on the track. He added that Euro currency fluctuations had cost the company around EUR2 million.

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