Tabcorp Holdings, the well-known Australian lottery and betting company, has released its results for the 2022 financial year and the numbers show a greatly improved profit after the operator demerged its lottery business.
For the twelve-month period ended on June 30, 2022, Tabcorp Holdings Limited reported a net profit of 6.7 billion dollars, a vast increase from the 269 million in profit that were recorded in the 2021 fiscal year.
However, 6.5 billion dollars of that profit was garnered from the demerger of the Group’s former Lotteries and Keno business that is now operated by The Lottery Corporation Limited, a new company that is traded on the Australian Securities Exchange.
The financial report which excludes the demerged lottery business shows revenue of 2.37 billion Australian dollars, a figure which represents a decrease of 4.3 percent compared to the 2.48 billion dollars that were generated in the previous year.
The wagering and media business is the core of the continuing operations, generating 2.18 billion Australian dollars in revenue during the 2022 financial year. However, that figure represents a decrease of 5.1 percent compared to the previous year, mainly due to retail closures in the first half as a result of restrictions related to the Covid-19 pandemic.
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