Spain’s Codere has reported a sharp drop in second-quarter earnings and lowered its full-year guidance due to the depreciation of the peso in Argentina, its largest market, as executives refuse to rule out a bid for media giant Televisa’s gaming business in Mexico.
In an earnings release last week, the Madrid-based company said it was lowering its full-year EBITDA guidance to €280-285m from a prior range of €300-305m as a result of Argentina’s currency crisis.
Codere’s second-quarter EBITDA fell 7.1 percent on the prior year to €53m on operating revenues that dropped 10.1 percent to €311m.
In Argentina, second-quarter revenues of €109.9m were down 25.6 percent on 2017, although they would have been up nearly 19 percent on a constant-currency basis.
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