By Andrew Starke
Tabcorp has announced a net profit after tax of $521.7 million for the 2009 financial year at its 15th AGM held earlier today (Oct 19) in Queensland.
Last year the company lost $164.6 million after one-off charges relating to Victorian wagering and gaming licences impacted on the business.
Despite weathering one of the most challenging economic periods of recent times, Tabcorp recorded a much improved performance in its casino division over 2009.
Tabcorp chairman John Story said the company had responded well to the global downturn and pointed to the $575 million redevelopment and expansion of Star City casino as a sign of the company’s faith in the future.
“In the medium term, we also see opportunities for expansion in Queensland,” he said. “We would like to invest more in our properties, particularly on the Gold Coast, which we consider to be an attractive growth market.”
Tabcorp managing director and CEO, Elmer Funke Kupper, said the group’s gaming division would continue to invest in the future.
“In 2009, the business expanded Keno into 552 hotels in New South Wales, giving it access to more than 2,500 venues across Queensland and NSW,” he said.
The gaming business also recently launched Tabcorp Gaming Solutions, which aims to assist clubs and hotels in Victoria with the management of their gaming operations under the new industry structure that will operate from 2012.
Tabcorp also announced Tony Hodgson’s retirement from its board after 15 years as a director and deputy chairman.
Tabcorp shares were trading at $7.26 at 1pm today (Oct 19) compared to $6.97 seven days ago.