Gaming machine provider Tabcorp Holdings Ltd
(ASX:TAH) has reported a profit for the full year after posting a loss the year before.
Net profit after tax for the 12 months to June 30 came to $521.7 million, compared to a loss of $164.6 million the year before.
The loss in the last financial year was a result of the company writing-down assets related to its Victorian wagering and gaming licenses after the Victorian government decided to change licensing in the industry effective from 2012.
Revenue for the year increased 5.6 per cent to $4.17 billion.
Tabcorp declared a final dividend of 30 cents a share, taking the full year dividend to 65 cents a share.
CEO Elmer Funke Kupper says the company expects economic conditions in 2010 to remain challenging, saying that at the same time Tabcorp will need to absorb higher taxes in Queensland and higher racing industry fees I its wagering business.
Mr Funke Kupper says in this environment the company will continue to focus on the basics to deliver the best possible results.
Looking back at the past five years, Tabcorp posted four years of profits before posting a loss in 2008.
