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Codere SA Q4 loss widens YOY

Codere SA said its fourth-quarter normalized net income amounted to a loss of €2.40 per share, compared with a loss of 47 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €6.1 million, compared with a loss of €1.2 million in the year-earlier period.

The normalized profit margin declined to negative 4.7% from negative 0.3% in the year-earlier period.

Total revenue rose 11.2% on an annual basis to €409.9 million from €368.5 million, and total operating expenses rose 11.4% year over year to €380.8 million from €341.8 million.

Reported net income came to a loss of €39.5 million, or a loss of €15.44 per share, compared to a loss of €37.3 million, or a loss of €14.85 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of €1.22 per share, compared with a loss of €19.75 per share in the prior year.

Normalized net income was a loss of €3.1 million, compared with a loss of €50.3 million in the prior year.

Full-year total revenue increased 18.4% year over year to €1.63 billion from €1.38 billion, and total operating expenses grew 11.7% year over year to €1.50 billion from €1.34 billion.

The company said reported net income came to a loss of €113.2 million, or a loss of €44.45 per share, in the full year, compared with a loss of €173.0 million, or a loss of €67.94 per share, the prior year.