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Codere SA swings to profit in Q3

Codere SA said its normalized net income for the third quarter amounted to €3.97 per share, compared with a loss of €11.28 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €10.2 million, compared with a loss of €28.9 million in the year-earlier period.

The normalized profit margin increased to 2.4% from negative 8.2% in the year-earlier period.

Total revenue grew 17.9% year over year to €415.1 million from €352.1 million, and total operating expenses climbed on an annual basis to €376.9 million from €368.1 million.

Reported net income came to a loss of €25.0 million, or a loss of €9.77 per share, compared to a loss of €71.1 million, or a loss of €27.79 per share, in the year-earlier period.