Lottomatica Q3 net profit 48.9 mln euros

MILAN Wed Nov 7, 2012 12:01pm EST

MILAN Nov 7 (Reuters) - Italian gaming company Lottomatica said on Wednesday its net profit fell more than 16 percent in the third quarter in the absence of a one-time foreign exchange gain as Italian revenues slumped 11 percent due to higher payouts and a bigger tax bill.

The company said net profit was 48.9 million euros ($62.37 million), down from 58.5 million for the same time a year ago, when the company reported a 29.7 million euro foreign exchange gain.

Total revenue in the period was 740.2 million, compared to 740.9 million for the third quarter of 2011.

"Strong growth at GTECH Lottery and SPIELO International was offset by lower revenue at the company's Italian operations, because of...an exceptionally large payout for sporting bets and for the higher taxes levied on video lottery terminals," the company said.

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