Tabcorp lifts underlying profit

9 Feb 2012, 12:45 pm   -   Source: AAP
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Wagering and gaming firm Tabcorp lifts first half underlying profit by 14.1 per cent and expects a similar performance in the second half of the year.

Wagering and gaming firm Tabcorp Holdings has lifted its first half underlying profit by 14.1 per cent and expects a similar performance for the remainder of the year.

Tabcorp on Thursday reported a net profit of $189.3 million for the six months to December 31, down from $265.5 million in the previous corresponding period.

But after accounting for the company's demerger of its casino business in 2011, which generated $99.6 million in profit in the previous corresponding period, first half net profit was up 14.1 per cent.

Revenue of $1.57 billion in the six months to December 31 was up 2.8 per cent from the same period in the previous year.

The company's four divisions - wagering, media and international, gaming, and keno - all posted earnings growth in the first half.

Chief executive David Attenborough said the broad revenue and earnings trends experienced by Tabcorp in the first half were expected to continue in the second half.

"Each of our businesses is performing well in its respective markets despite the economic uncertainty and challenges experienced by retailers," Mr Attenborough said in a statement on Thursday.

"We expect a continued trend towards fixed-odds betting, and Tabcorp is ideally placed to lead this market."

The company declared a fully-franked interim dividend of 13 cents per share.

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