Business News

Hit Slowly Returning to Profitability

Nova Gorica, 22 April (STA) - Gaming company Hit posted its sixth consecutive year of losses in 2013, but the group net loss narrowed to EUR 5.3m from EUR 32.4m in the year before, in what CEO Dimitrij Piciga described as the start of a turnaround.

Group net revenue was at EUR 164.1m, down from EUR 173.4 in the year before.

The core company posted an operating profit of EUR 2.3m but ended the year with a EUR 1.7m net loss on revenue of EUR 149.2m.

According to Piciga, expenses dropped EUR 14m year-on-year to EUR 116m and outstanding debt was down EUR 15m to just under EUR 100m.

The number of casino guests hit 1.3 million, down 4% year-on-year, whereas the number of overnight stays rose 4% to 143,000.

Piciga said the results were good and said figures for the first three months of this year showed a continuation of the positive trend.

He estimates Q1 group operating profit at EUR 0.7m, though the group posted a net loss of EUR 0.9m after it paid gaming licences.

"Business will stabilise this year, I expect a positive result at the end of the year," he told the press.

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