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Australia's Tabcorp Reports Decline

13 August 2003

MELBOURNE, Australia – As reported by the Dow Jones: “Tabcorp Holdings Ltd. , an Australian gambling company, on Wednesday reported a 3.2% decline in net profit to A$252.6 million (US$166 million) for the fiscal year ended June 30.

“…Before non-recurring items, net profit rose 1.5% to A$263.1 million (US$173 million). Earnings per share, again excluding non-recurring items, was 71.5 cents, up 2.9%.

“…Across Tabcorp's three main divisions, earnings before interest, tax and amortization, or EBITA, from wagering rose 11.9% to A$68.4 million (US$45 million), while EBITA from gaming fell 9.9% to A$213.0 million (US$140 million) and EBITA from the Star City casino in Sydney rose 12.1% to A$183.1 million (US$120.36 million).

“Tabcorp said smoking bans in Victorian gambling venues from Sep. 1 meant customers who smoke shortened their visits or reduced their number of visits to such venues. As a result, gaming revenue fell 7.6% to A$848.1 million (US$557.5 million)…”

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