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Olympic Entertainment Q1 profit falls YOY

Olympic Entertainment Group AS said its normalized net income for the first quarter came to 2 euro cents per share, a decrease of 7.4% from 3 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 €3.7 million, a decline of 7.5% from €4.0 million in the prior-year period.

The normalized profit margin dropped to 8.3% from 10.3% in the year-earlier period.

Total revenue climbed 16.0% on an annual basis to €45.4 million from €39.1 million, and total operating expenses climbed 21.5% from the prior-year period to €39.1 million from €32.2 million.

Reported net income declined 6.8% on an annual basis to €5.1 million, or 3 cents per share, from €5.5 million, or 4 cents per share.