Cirsa Profits Hit By Currency Appreciation, Buenos Aires Dispute

First-quarter profits at Catalan gaming company Cirsa have been impacted by the increasing strength of the euro over local currencies in the numerous Latin American markets in which the firm operates. Latin American casino revenue also fell, as the company felt the material effects of labour disputes at its riverboat casinos in Buenos Aires. In reporting a 40 percent drop in first-quarter pre-tax profits, Cirsa said last week that currency movements had negatively impacted results by €4.8m, up from €1.4m in the comparable period last year. Despite an overall six percent rise in EBITDA from €45m to €48m, Cirsa’s profits for the quarter were down to €8.4m from €14m. Operating revenue rose modestly from €421m to €430m.

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