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Australia's TAB Drops Slightly in First Half

19 February 2002

AUSTRALIA – As reported by the Australian Associated Press: "Gaming group TAB Queensland (TABQ) yesterday said it was expecting a bumper second half once its newly acquired South Australian TAB (SATAB) was fully absorbed, after booking a slight drop in first half net profit.

"All segments of TABQ grew in the six months to December 31, 2001, but the expected benefits of the $43.5 million SATAB takeover were yet to kick in.

"TABQ yesterday reported a first half net profit of $13.06 million, 0.5 per cent lower than the $13.13 million net profit for the 2000-01 half year.

"…Managing director Dick McIlwain said the future looked bright for TABQ.

"…`It's been an odd kind of year for us, certainly we are well ahead of where we expected to be with gaming and the South Australian acquisition has gone very smoothly.'

"TABQ shares closed 1.5 cents weaker at $3.305."

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