Loto-Quebec posts lower first-quarter results
Loto-Québec posted a 14.7 per cent drop in net earnings for the first quarter on Wednesday, mainly due to lower Lotto Max sales.
The Crown corporation's net income fell by $65.6 million in the quarter ended June 26 to $380.9 million, compared with $446.5 million in the same quarter last year.
Quarterly revenues totalled $711.2 million, compared with $744.3 million in the first quarter of last year.
This decline is attributable in particular to the lotteries sector, where revenues fell from $256.6 million last year to $224.7 million in the most recent quarter, a drop of 12.4 per cent.
Revenue from casinos and gaming halls rose by 4.2 per cent to $274.6 million in the first quarter, compared with $263.4 million last year.
Gaming establishments recorded revenues of $216.9 million in the most recent quarter, down 5.1 per cent from $228.5 million last year.
According to Loto-Québec, the difference in net income was due in part to higher expenses incurred as a result of the full resumption of in-store operations following periods of pandemic-related restrictions.
Quarterly expenses rose from $169.7 million to $201.2 million in the most recent quarter.
This report by The Canadian Press was first published in French on Sept. 20, 2023.
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