Tabcorp Holdings Ltd
(ASX:TAH) has reported a 2% fall in earnings for the half year and says that it expects conditions to remain uncertain for the remainder of the 2010 financial year as government stimulus measures are wound down and higher interest rates affect discretionary income.
Net profit for the six months to December 31, 2009 came to $257.9 million, down from $263.2 million recorded for the same period a year ago.
Normalised net revenue rose 2.6% to $2.19 billion driven by good performances in wagering and at Star City casino, but held back by soft trading in the Queensland casinos.
CEO Elmer Funke Kupper says 2010 is an important year for the company saying that greater clarity will emerge in the regulatory environment and says the company expects that the Victorian Government will award the post-2012 Victorian wagering licence.
Mr Funke Kupper says these events will allow Tabcorp to chart the future direction of the company with greater clarity.
Tabcorp declared an interim dividend of 30 cents a share. Tabcorp Holdings reported a profit of $521.7 million for fiscal 2009.
